Temple, Texas, Sep 12, 2012 -- Agriculture Secretary Tom Vilsack today announced the selection of 17 recipients in 14 states and one territory to receive $6.3 million in loans to create or save jobs and boost local economies. Funding is provided through USDA’s Intermediary Relending Program (IRP).
“This funding is part of the Obama Administration’s ongoing effort to expand economic opportunity for rural entrepreneurs, helping businesses in our small towns and rural communities grow and create more jobs” Vilsack said. “These loans will continue our work to leverage private investment and help the rural economy grow.”
Loans are provided to organizations (intermediaries) that re-lend the money to local businesses. In Texas, La Feria Industrial Development Corporation will receive a loan to sustain existing businesses and recruit new businesses in and around the City of La Feria, a community of 7,000 located near the Mexican border. Funding is contingent upon the recipient meeting the terms of the loan agreement.
“I am very pleased USDA Rural Development will collaborate with the La Feria Industrial Development Corporation to inject funds into the area that will create or save jobs and improve the local economy,” commented State Director Paco Valentin. “We have worked with the La Feria Industrial Development Corporation in the past to provide Rural Business Enterprise Grants to create revolving loan funds and appreciate their commitment to the economic growth of their community.”
For more information, visit Rural Development’s new interactive web map featuring program funding and success stories for fiscal years 2009-2011. The data can be found at: http://www.rurdev.usda.gov/RDSuccessStories.html.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Tom Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA, through its Rural Development mission area, has an active portfolio of more than $172 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.