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Rural Development’s Business & Industry Loan Guarantee Helps Maryland Company
Thu, 2013-07-18 08:45

True Chesapeake Oyster Company has found what the company believes is the perfect place to grow an oyster. St. Jerome Creek, located near the midpoint of the Chesapeake Bay, is the nursery grounds for their not-too-salty, not-too-sweet oyster. The company was launched in 2010 and since then has grown by leaps and bounds. Its clean, crisp oyster, called the “Skinny Dipper,” was introduced at Pimlico Racecourse during the running of the 138th Preakness Stakes, where some 11,000 oysters were shucked and served.

USDA first communicated with The Patapsco Bank in Baltimore in March to explain how Rural Development’s Business & Industry loan guarantee program (http://www.rurdev.usda.gov/BCP_gar.html) could help the bank and its business clients. As a result of the conversation, True Chesapeake Oyster Company secured a loan, guaranteed by USDA, to support shoreline restoration and repair an existing pier at its oyster growing operation in St. Jerome Creek. The company sells oysters in Washington, D.C., Baltimore and in Annapolis.

USDA Rural Development has increased its marketing efforts to promote the Business & Industry Loan Guarantee Program by meeting with top executives and loan officers at financial institutions throughout the state.

According to USDA Rural Development Acting Under Secretary Doug O’Brien, “In today’s environment, economic recovery is the driving factor in everything we do, and our support for this local food project will have many benefits,” O’Brien said. “It will help support jobs and businesses in the region and support an eco-friendly environment that helps restore and protect the Chesapeake Bay.”

Under Secretary Doug O’Brien was joined by Patapsco Bank President/CEO Michael Dee to announce funding support for the Chesapeake Bay Oyster,one of Maryland’s favorite delicacies.

Last Date Modified: 03/06/2014
Last Date Modified: 03/06/2014