|(JUNE 26, 2012) AGRICULTURE SECRETARY VILSACK ANNOUNCES ECONOMIC DEVELOPMENT FUNDING TO SUPPORT BUSINESS GROWTH, CREATE JOBS|
|Temple, Texas, Jun 26, 2012
@@Agriculture Secretary Tom Vilsack today announced that 27 recipients throughout rural communities were awarded loans and grants that will spur economic development and create or save jobs.
“The funding I am announcing today will help rural businesses, entrepreneurs and tribal communities obtain the financing they need to grow their businesses and create jobs,” Vilsack said. “These grants and loans represent the Obama Administration’s commitment to ensure that rural communities attract capital investments that lead to successful business development, job creation, infrastructure improvements, and economically vibrant communities.”
USDA Rural Development is providing the loans and grants through the Rural Economic Development Loan and Grant (REDLG) program, the Intermediary Relending Program (IRP), and the Rural Business Enterprise Grant (RBEG) program. Included in the announcement today was funding for Texas recipient Big Country Electric Cooperative, Inc., through the REDLG program.
“Our mission at USDA Rural Development includes the creation and preservation of jobs in rural Texas,” said State Director Paco Valentin. “Funding for Big Country Electric Cooperative through the REDLG program supports this mission by promoting entrepreneurship and stimulating business expansion.”
Big Country Electric Cooperative, Inc was awarded $1,040,000 for the acquisition and development of a new 74 acre industrial park, with rail access, which will benefit Scurry and Fisher Counties. The project is anticipated to create 45 new jobs. Funding is contingent upon the recipient meeting the terms of the loan or grant agreement.
USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure programs through a national network of state and local offices. Rural Development has an active portfolio of more than $170 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.