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USDA Awards $1 Million in Texas to Support Rural Economic Development

Name
Gayle Aubrey
City
Temple
Release Date

Agriculture Secretary Tom Vilsack has announced $39.3 million in loans and grants for 68 projects that will help small, rural businesses and communities in 26 states. One project in Texas was among the recipients.  Big Country Electric Cooperative was approved for a $1 million Rural Economic Development Loan to finance the construction of a 15 bed Assisted Living/Alzheimer’s Facility in Snyder Texas for Sterling Management of NM, LLC.  The announcement comes as the Obama Administration celebrates the profound economic impact of American entrepreneurs during National Small Business Week.

“More than half of Americans either own or work for a small business, and these businesses create two out of every three new jobs in the U.S. each year,” Vilsack said. “Supporting small businesses and rural communities is vital to our economic health. This funding enables communities to provide important support services and access to capital for rural, small businesses.”

“USDA Rural Development’s mission is to provide assistance that will increase the economic conditions of rural communities,” said Paco Valentin, USDA Rural Development Texas State Director.  “By providing loans such as the one announced today to Big Country Electric Cooperative, we promote sustainable economic development and enhance the quality of life in rural communities and regions with exceptional needs.”

The funding is being provided through USDA’s Rural Economic Development Loan and Grant (REDLG) program, the Intermediary Relending Program (IRP) and the Rural Microentrepreneur Assistance Program (RMAP) program.

Funding of each award announced today is contingent upon the recipient meeting the terms of the loan or grant agreement.

Every year since 1963, the President of the United States has issued a proclamation announcing National Small Business Week, which recognizes the critical contributions of America’s entrepreneurs and small business owners.  #DreamSmallBiz

USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure and facility programs through a national network of state and local offices. 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.  For information on this and other USDA Rural Development programs in Texas, visit http://www.rd.usda.gov/tx.