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USDA Announces Funding to Aid Rural Businesses and Create Jobs

Name
Miguel A. Ramirez
City
San Juan
Release Date

Agriculture Secretary Tom Vilsack today announced $12.5 million in loans and grants for 39 projects that will help rural businesses in 21 states and Puerto Rico.

“Supporting small, rural businesses help create jobs and helps promote entrepreneurship,” Vilsack said.  “USDA Rural Development’s field structure enables our community-based staff to engage with local partners and, in turn, enables these partners to provide their local small businesses and start-up access to the capital and technical assistance they need to be competitive in today’s global economy.”

USDA is awarding $12.5 million in loans and grants through, the Intermediary Relending Program (IRP), the Rural Business Development Grant (RBDG) program, and the Rural Micro entrepreneur Assistance Program (RMAP) program.

José Otero-García, Rural Development State Director for Puerto Rico indicated that “Corporación para el Financiamiento Empresarial del Comercio y las Comunidades” (COFECC) will receive a loan of $486,861 to provide low-interest loans for business and community development.

USDA Rural Development has a strong track record of strengthening rural businesses and economies through its Rural Business Cooperative Service, which has helped 85,000 rural businesses since the start of the Obama administration.

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.

For additional information please, contact Danna Quiles, Business & Industry Director at (787) 766-5095 ext. 172, 173 or 175 or visit our web www.rd.usda.gov/pr .