HILO Hawaii – USDA rural development state director Chris J. Kanazawa announced on Sept. 24 the selection of Pacific Islands Development Bank to receive an intermediary relending program loan to promote economic development and job creation through increased business lending.

The funding is being provided through USDA Rural Development’s Intermediary Relending Program. The total amount of loan announced was $400 000. The Intermediary Relending Program provides funds to organizations to establish revolving loan pools that are used to finance business and economic development activity to create or retain jobs in rural communities.