TEMPLE, TEXAS, Sep 15, 2011 -- Agriculture Secretary Tom Vilsack announced that funding is being provided to producers and development organizations in 40 states and the Commonwealth of Puerto Rico to promote job creation and business development. CEN-TEX Certified Development Corporation, based out of Austin, Texas, will receive an Intermediary Relending Program Loan in the amount of $750,000 to create approximately 30 jobs in the rural communities of 14 counties in central Texas including Bell, Brazos, Coryell, Falls, Hill, LaSalle, Limestone, Maverick, McLennan, Milam, Robertson, Val Verde, Webb, and Zavala.
“The Obama Administration and USDA are committed to helping rural small businesses grow, and to providing the technical support needed to spark sustainable job creation,” Vilsack said. “The funds being provided today will foster an environment to create jobs in every part of the country.”
The IRP program is a key component of USDA Rural Development activities to promote regional development across America by providing working capital and other support to local businesses through qualified intermediaries. CEN-TEX has been making small business loans for two decades. Their founders were from rural communities and know firsthand that more often than not, rural businesses have limited access to capital. CEN-TEX is a seasoned intermediary relender and has the capacity on staff to originate, underwrite, process and service loans, provide business development, and technical assistance counseling is provided to the customers for the life of the loan.
“Utilizing organizations such as CEN-TEX Certified Development Corporation to bring new economic opportunities to rural areas is an important part of creating new jobs in rural America,” said USDA Rural Development Texas State Director Paco Valentin. “This loan will give rural residents the opportunity to expand and improve local businesses and economies.”
On September 8, President Obama presented the American Jobs Act in an address to Congress. The purpose of the American Jobs Act is simple: put more people back to work and put more money in the pockets of working Americans. The American Jobs Act is specific, it will put people back to work right now and it won’t add to the deficit. Through a combination of direct spending, such as infrastructure investments, and tax relief, such as an extension of the payroll tax cuts, it will lead to new American jobs.
Since taking office, President Obama's Administration has taken significant steps to improve the lives of rural Americans and has provided broad support for rural communities. The Obama Administration has set goals of modernizing infrastructure by providing broadband access to 10 million Americans, expanding educational opportunities for students in rural areas, and providing affordable health care. In the long term, these unparalleled rural investments will help ensure that America’s rural communities are repopulating, self-sustaining and thriving economically
USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure and facility programs through a national network of state and local offices. Rural Development has an existing portfolio of more than $155 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.