Tennessee Tech receives $1M – Caney Fork plays role in obtaining $740,000 loan
Tennessee Tech received $1 million to help fund its Millard Oakley Science, Technology, Engineering and Mathematics Center.
The STEM Center, once complete, will improve the teaching and learning of these subjects from pre-school through college. With the center’s help, the youth of today can become better prepared for the future.
Rural Development area director Joe Woody and Caney Fork Electric Cooperative general manager Hubert King joined Tennessee Tech president Robert Bell, who made the announcement regarding the $1.04 million in federal funding July 16.
‘We are honored to partner with Rural Development and Caney Fork Electric Cooperative on this program,’ said Bell. ‘This funding takes Tennessee Tech a big step closer toward our funding goals for the STEM Center.’
Rural Development funds will be used to help finance construction of the building that will house the center. The center will link schools and communities of the region with the resources of the university, and the partner agencies, to raise the quality of educational opportunities available in the area.
Overall, this project will enhance the area workforce and stimulate economic development in the Upper Cumberland region of Tennessee, officials say.
‘Science, math, engineering and technology all play a larger and larger role in every kind of workplace,’ said Woody. ‘I’m glad that, with the strong support of Representative Gordon and all our congressional delegation, Rural Development has the resources to help this partnership succeed in building a workforce that is well prepared for the future.’
The center will have a far-reaching impact according to Bell who added, ‘Tennessee Tech’s goal, like that of the Rural Development and Caney Fork Electric programs, is to build a competitive workforce by enhancing the educational experiences for children in this area.’
Funding for the project from Rural Development includes a $300,000 rural business enterprise grant, and a $740,000 rural economic development loan.
The business enterprise grant program provides assistance to public or not-for-profit entities. The program supports community economic development programs that assist small businesses in developing local business infrastructure, providing job training, conducting feasibility studies and providing technical assistance to businesses and community leaders.
The economic development loan program works through the local electric cooperative to promote a healthy economic environment and to create jobs in rural communities. Caney Fork Electric Cooperative is serving as the conduit for this loan that will be used to provide a zero-interest loan.
In the fiscal year 2006 USDA Rural Development assisted more than 467,575 Tennessee families and businesses with more than $288 million in financial assistance through loans and grants.