Hidalgo, Texas, Jul 13, 2011 -- USDA Rural Development Rural Business Administrator, Judy Canales, and Texas State Director, Paco Valentin, announced funding to the Hidalgo Economic Development Corporation for a $200,000 Rural Business Enterprise Grant (RBEG) today at the Hidalgo City Hall. The grant will be used to establish a revolving loan fund for the purpose of supporting and expanding economic and employment opportunities.
“Revolving loan funds will create approximately 20 new jobs which will provide essential services to local residents,” said Paco Valentin, USDA Rural Development State Director. “I am very pleased that we are able to assist the Hidalgo Economic Development Corporation provide needed capitol for small business development.”
In Fiscal Year 2011, Texas USDA Rural Development will obligate $1,402,000 of state allocations in the form of 10 Rural Business Enterprise Grants. This program helps finance new and existing businesses, as well as employment-related adult education programs. RBEG funds can be used for start-up and working capital loans, building and plant renovations, transportation improvements, project planning and other business needs. Potential businesses in rural communities interested in the RBEG Program must employ 50 or fewer new employees and have less than $1 million in gross annual revenues. Public bodies and not-for-profit entities including federally recognized Indian Tribes located in rural areas or in communities below 50,000 in population are eligible for the RBEG Program. Priority is given to applicants from communities of 25,000 or less.
USDA Rural Development strives to see that rural citizens can participate fully in the global economy by providing technical assistance, funding, and other programs that help rural Americans build strong economies to improve their quality of life. For further information regarding USDA Rural Development Programs, contact the Texas State Office at
(254) 742-9710, Extension 4, or visit our website at http://rurdev.usda.gov/tx/.