La Feria, Texas, Sep 25, 2012 -- Acting USDA Rural Development Deputy Under Secretary Judith Canales, with Rural Development Texas State Director Paco Valentin, today announced funding support to save jobs and boost the local La Feria economy. Funding is provided through USDA’s Intermediary Relending Program (IRP).
“The funding announced today exemplifies what can be accomplished when government works with businesses, local officials and rural residents,” said Canales. “Ultimately these projects will help strengthen the community and the rural economy.”
“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.”
The La Feria Industrial Development Corporation will use the $400,000 IRP Loan to create a revolving loan fund. Loans are provided to organizations (intermediaries) that re-lend the money to local businesses. The funds announced today will be available to help sustain existing businesses, recruit new business to the area and generate jobs to boost the local economy of La Feria and Cameron County.
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. Information on programs available through Rural Development in Texas, with contact information, can be viewed at local area office, please visit http://www.rurdev.usda.gov/TXHome.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.
USDA is an equal opportunity provider and employer. To file a complaint of discrimination, write: USDA, Office of the Assistant Secretary for Civil Rights, Office of Adjudication, 1400 Independence Ave., SW, Washington, DC 20250-9410 or call (866) 632-9992 (Toll-free Customer Service), (800) 877-8339 (Local or Federal relay), (866) 377-8642 (Relay voice users).