Albuquerque, Jul 25, 2012 -- Earlier today, USDA Rural Development State Director Terry Brunner was in Las Vegas, New Mexico to help announce the construction of a new meat processing plant in that community.
The project is partially funded through a USDA Rural Development Rural Business Enterprise Grant program and through the state of New Mexico’s Economic Development Department.
USDA Rural Development is providing $50-thousand dollars to purchase the equipment to lease to Martinez and Sons processing of Las Vegas, New Mexico. The actual funding is being made to San Miguel County which is building a facility to house the new meat processing plant.
At today’s event where San Miguel County showed the property where the processing plant will be built Brunner said, “This project is a good example of the Obama administration’s promise to bring jobs and economic opportunity to rural America.” Brunner added, “Since 2009 our agency has provided more than $6.2 billion in financing to help nearly 10,000 rural businesses expand and grow which has created or saved over 250,000 jobs. Meat processing is widely recognized as a need in New Mexico and we are pleased to join with San Miguel County to help support this important industry.”
The Rural Development, Business and Cooperative Programs (BCP) makes grants under the Rural Business Enterprise Grants (RBEG) Program to public bodies, private nonprofit corporations, and Federally-recognized Indian Tribal groups to finance and facilitate development of small and emerging private business enterprises located in any area other than a city or town that has a population of greater than 50,000 inhabitants and the urbanized area contiguous and adjacent to such a city or town. The public bodies, private nonprofit corporations and federally recognized Indian tribes receive the grant to assist a business. The grant funds do not go directly to the private business.
Eligibility is limited to public bodies, private nonprofit corporations, and Federally-recognized Indian Tribal groups. Public bodies include incorporated towns and villages, boroughs, townships, counties, States, authorities, districts, Indian Tribes on Federal and State reservations, and other Federally-recognized Indian Tribal groups in rural areas. The small and emerging businesses to be assisted must have less than 50 new employees and less than $1 million in gross annual revenues.
Funds are used for the financing or development of a small and emerging business. Eligible uses are: Technical Assistance (providing assistance for marketing studies, feasibility studies, business plans, training etc.) to small and emerging businesses; purchasing machinery and equipment to lease to a small and emerging business; creating a revolving loan fund (providing partial funding as a loan to a small and emerging business for the purchase of equipment, working capital, or real estate); or construct a building for a business incubator for small and emerging businesses.
USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development fosters growth in homeownership, finances business development, and supports the creation of critical community and technology infrastructure. Further information on rural programs is available at any local USDA Rural Development office or by visiting USDA Rural Development’s web site at http://www.rurdev.usda.gov