Triumph Boats is given $2 million federal loan

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Little Falls, Minn.-based Triumph Boats secured a nearly $2 million federal loan package through the USDA Rural Development loan program, announced U.S. Sens. Al Franken and Amy Klobuchar, and Rep. Jim Oberstar.

The public money is enabling production to start at a new plant built next to Triumph's sister company, Larson Boats, the St. Cloud Times reports. Larson officials say the new plant should initially create 20 new jobs.

The public loans helped pay for the costs of moving equipment from a closed Triumph facility in North Carolina. The equipment has been moved, and production at the Little Falls facility is under way, said Carol Anderson, spokeswoman for Community Development of Morrison County.

The former Genmar company is now owned by J&D Acquisitions.

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