MONTE VISTA — Job creation and access to capital are two key factors that drive economic development in Colorado’s rural communities. By working in partnership with private sector lenders, businesses and community based organizations through the Business and Industry (B&I) Guarantee program, USDA Rural Development is doing its part to help create jobs and strengthen rural communities. The B&I loan guarantee program incentivizes private lenders to extend credit to new and existing businesses that improve the quality of life in rural communities. These vibrant rural businesses drive job growth, rural revitalization, and additional housing development that is not possible without good paying, stable jobs.
As National Small Business week is celebrated, USDA Rural Development recognizes the efforts and contributions of entrepreneurs and small business owners across America like Tom Pescatore and his wife Marie, whose first business venture was investing in a guest ranch in La Garita. They later sold that business and in 2009 invested in Ecodynamics, a steel job shop in Monte Vista. The company’s main product line consists of custom part orders for various types of machinery used by local farmers. Ecodynamics also has an irrigation side of their business, providing parts and service for irrigation wells and well pumps. Ingenuity and creativity are key attributes of owner Tom Pescatore. Custom orders are a large portion of his business and Pescatore is ready for the challenge whether it is reconstructing the front end of a fertilizer sprayer so a farmer can install larger tires or designing a bucket to fit a skid steer to more efficiently handle potatoes. Finding the fix for his customers is at the heart of Ecodynamic’s business model.
Recently, Ecodynamics received a loan, working with TJ Brown, from Del Norte Bank that is guaranteed by USDA Rural Development through the B&I program to further expand its business. The funding will allow Ecodynamics to purchase more equipment and increase the efficiencies of production through advanced technology. “This investment will create jobs that support the agricultural economy of this region of Colorado. The new equipment will allow Ecodynamics to fill additional orders which will make them more profitable moving forward,” said Tedd Buelow, acting state director, USDA Rural Development Colorado. Currently Ecodynamics employees 13 staff, and Pescatore plans on hiring three additional staff as soon as the new equipment is up and running.
USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; homeownership; community services such as schools, public safety and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov/co.