News Release
Release No.STELPRD4013336
ContactErnie Watson505-761-4951
AGRICULTURE SECRETARY VILSACK ANNOUNCES ECONOMIC DEVELOPMENT FUNDING TO CREATE JOBS, ECONOMIC OPPORTUNITY AND STRENGTHEN RURAL COMMUNITIES
Two NM Organizations to Receive Funds to Create Micro Loans for small businesses
Ames Iowa, Nov 09, 2011 --

@@AMES, IOWA - Nov. 9, 2011 -Agriculture Secretary Tom Vilsack today announced the selection of 35 rural micro development organizations for loans and grants to support rural business development, create jobs, and strengthen local communities. Business organizations in 22 states and the Commonwealth of Puerto Rico will receive support.

"A strong rural America and a strong agricultural industry go hand in hand," said Vilsack. "These investments will bring increased economic opportunity to rural residents and communities. They will help organizations expand job and economic opportunities in rural communities across the nation."

The announcement was made on the Secretary's behalf by Deputy Under Secretary for Rural Development Doug O'Brien during a trip to Ames, Iowa to address the Rural Young Entrepreneur Summit (YES).The funding being provided through the Rural Microentrepreneur Assistance Program (RMAP). Recipients are development organizations that make loans to microenterprises and microentreprenuers and provide business-based training and technical assistance to rural micro-borrowers.

For example, in New Mexico, both the New Mexico Community Development Loan Fund, Inc. and the Women's Economic Self-Sufficiency Team Corp. (WESST) were included in the Secretary’s announcement.

“Now more than ever, New Mexico’s small businesses need access to credit,” said USDA Rural Development State Director Terry Brunner.  He added, “We are pleased to partner with the NM Community Development Loan fund and WESST to help finance small businesses around New Mexico that need help with their start up or expansion.”

Both organizations will create rural microloan revolving fund program that will make loans and provide technical assistance to rural business-owners and microenterprises in various rural counties in New Mexico.

Funding for each project is contingent upon the recipient meeting the terms of the loan and grant agreement.

Since taking office, President Obama's Administration has taken historic steps to improve the lives of rural Americans, put people back to work and build thriving economies in rural communities. From proposing the American Jobs Act to establishing the first-ever White House Rural Council – chaired by Agriculture Secretary Tom Vilsack – the President wants the federal government to be the best possible partner for rural businesses and entrepreneurs creating job opportunities and for people who want to live, work, and raise their families in rural communities.

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.

The complete list of the USDA loan awards is as follows:

Alabama

    • Seedco Financial Services, Inc.: $250,000 loan; $62,500 grant to capitalize a rural microloan revolving fund to make loans to rural microentrepreneurs and microenterprises in the targeted, high-poverty counties of Choctaw, Dallas, Greene, Hale, Lowndes, Macon, Limestone, Perry, Pickins, Sumpter and Wilcox

Arizona

    • Nogales Community Development Corporation: $500,000 loan; $105,000 grant to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers and microenterprises in target communities in Nogales and Santa Cruz County that are experiencing high long-term unemployment rates, poverty and population loss

California

    • Desert Alliance for Community Empowerment: $500,000 loan; $100,000 grant to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers and microenterprises

    • High Sierra Resource Conservation & Development Council: $40,000 grant to provide technical assistance and training

    • Jefferson Economic Development Institute: $40,000 grant to provide technical assistance and training to microentreprenuers and microenterprises

    • Northcoast Small Business Resource Center: $40,000 to provide technical assistance and training to microentreprenuers and microenterprises

Florida

    • Economic Development Investment Fund: $250,000 loan and $62,500 grant to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers and microenterprises

Georgia

    • Southwest Georgia United Empowerment Zone, Inc.: $40,000 grant to provide technical assistance and training to microentreprenuers and microenterprises

Illinois

    • Great River Economic Development Foundation: $40,000 to provide technical assistance and training to microentreprenuers and microenterprises in a four-county region in the state

Kentucky

    • Minority Economic Development Initiative of Western Kentucky: $40,000 grant to provide education, guidance to microentreprenuers and microenterprises for business start up and expansion activities in 32 counties

Maine

    • Community Concepts Finance Corporation: $500,000 loan; $105,000 grant to capitalize a rural microloan revolving loan fund to make loans to rural microentreprenuers in Androscoggin, Franklin, Oxford, Piscataquis and Somerset counties

    • Lewiston-Auburn Economic Growth Council (LAEGC): $500,000 loan; $105,000 grant to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers and microenterprises in Lewiston and Auburn in Androscoggin County.

Massachusetts

    • Franklin County Community Development Corporation: $500,000 loan; $105,000 grant to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers

Maryland

    • Eastern Shore Entrepreneurship Center: $500,000 loan; $105,000 grant to make small business loans for small and emerging companies located in six counties

Minnesota

    • Lincoln County Enterprise Development Corporation: $35,000 grant to provide individual technical assistance and training

    • North Central Economic Development Association, Inc.: $400,000 loan; $100,000 grant to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers and microenterprises

    • Northwest Minnesota Foundation: $150,000 loan; $37,500 grant to assist small businesses in a 12 county area of northwestern Minnesota with start-up or expansion

    Minnesota and Wisconsin

    • Northeast Entrepreneur Fund, Inc.: $40,000 to provide microloans, technical assistance and training to 98 rural businesses in Minnesota and Wisconsin

Missouri

    • Central Missouri community Action dba Community Micro Business LLC: $50,000 loan; $7,500 grant to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers in an eight-county region in the central part of the state

    • Green Hills Rural Development, Inc.: $500,000 loan; $105,000 grant to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers and microenterprises in an 11-county service area in north-central Missouri

Mississippi

    • Minority Capital Fund of Mississippi, Inc.: $27,750 grant to provide technical assistance and training to rural microentreprenuers in nine rural areas in the Jackson region

Montana

    • Gallatin Development Corporation dba Prospera Business Network: $27,750 grant to provide technical assistance and training for rural micro-businesses located in Gallatin and Park Counties.

    • Native American Development Corporation: $187,500 loan; $46,875 grant to capitalize a rural microloan revolving loan fund to make loans to rural microentreprenuers and microenterprises and to provide technical assistance to existing and emerging businesses located on Tribal lands in Montana.

    • Montana Community Development Corporation: $500,000 loan; $105,000 grant to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers and microenterprises and to provide technical assistance to women and minority microentreprenuers

New Mexico

    • New Mexico Community Development Loan Fund, Inc.: $500,000 loan; $105,000 grant to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers and microenterprises

    • Women's Economic Self-Sufficiency Team Corp. (WESST): $400,000 loan; $100,000 grant to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers and microenterprises

New York

    • Council on the Environment, Inc., dba Grow NYC: $40,000 to provide training that focuses on growing agriculture businesses around regional grain producers

North Dakota

    • Lake Agassiz Regional Development Corporation: $500,000 loan; $105,000 grant to provide technical assistance and capitalize a rural microloan revolving fund to make loans to rural microentreprenuers and microenterprises

Ohio

    • Economic and Community Development Institute: $500,000 loan; $105,000 grant to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers and microenterprises located in targeted areas in seven counties

Puerto Rico

    • Ceiba Housing and Development Corp.: $500,000 loan and $105,000 grant to provide technical assistance and to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers and microenterprises

South Carolina

    • Beaufort County Black Chamber of Commerce (BCBCC): $335,000 loan and $40,000 grant to provide technical assistance and to capitalize a rural microloan revolving fund to make loans to rural microentrepreneurs and microenterprises in Beaufort county in the Low Country of South Carolina

South Dakota

    • Glacial Lakes Area Development, Inc.: $200,000 loan and $50,000 grant to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers and microenterprises

Washington

    • Enterprise for Equity: $250,000 loan; $62,500 grant to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers and microenterprises

    • Tri County Economic Development District: $400,000 loan; $100,000 grant to capitalize a rural microloan revolving loan fund to make loans to rural microentreprenuers and microenterprises in Ferry, Pend, Oreille, Stevens, Adams, Asotin, Garfield, grant and Lincoln Counties

Wisconsin

    • Indianhead Community Action Agency, Inc.: $500,000 loan; $104,900 grant to capitalize a rural microloan revolving fund to make loans to rural microentreprenuers and microenterprises in a 9-county area in the state

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