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USDA Invests $1.4 Billion to Support Local Businesses, Create Good-Paying Jobs and Strengthen the Economy in Rural America

Name
MIguel A. Ramirez
Phone
City
San Juan, Puerto Rico
Release Date
Feb 02, 2022

Puerto Rico Was Awarded With $13,242,272 For 17 Projects

 

                                                    

Versión en Español aquí

 

San Juan, Puerto Rico, February 2, 2022 – USDA Secretary Tom Vilsack today announced the Department is investing $1.4 billion to help a diverse rural America keep resources and wealth right at home through job training, business expansion and technical assistance.
 

“For some time, rural America has been at the mercy of an extraction economy, where resources are taken from rural lands only to create jobs and economic opportunity in urban and suburban areas,” Vilsack said. “That’s why USDA is committed to doing what we can to change that extraction economy into a circular economy, where value is added closer to home, so the wealth created in rural areas stays in rural areas. Today’s announcement underlines the Biden-Harris Administration’s commitment to helping transform the economy and bring high-paying jobs and economic opportunities to the people who need it most.”

 

The funding announced today will help people and businesses in diverse communities and industries throughout 49 states, the Virgin Islands and Puerto Rico. It will help companies hire more workers and reach new customers. It will open the door to new economic opportunities for communities and people who historically have lacked access to critical resources and financing. And it will help entrepreneurs, business cooperatives and farmers in nearly every state create jobs, grow businesses and find new and better markets for the items they produce.

 

Luis R. García, Acting State Director of USDA Rural Development Puerto Rico indicated that 17 entities in Puerto Rico received $13,242,272. Fifteen were Farmers and/or Agriculture Producer that received the funds from the Value-Added Producer Grants (VAPG) for a total amount of $3,442,000. Two Business received guarantee loan of $9,800,272. This investment created 93 new jobs and save 107 a total amount of 200.

 

The VAPG awards went to, Tai Hay Farm, LLC of Mayaguez, De Hoyos Farm LLC of Utuado, Linda Rodríguez-Castillo of Camuy, Jaime Acevedo Quiles of Camuy, Finca Sur, LLC of Juana Diaz, Juan Pagan of Mayaguez, Urrutia Foods, Inc. of Camuy, Hacienda Tres Angeles, Inc. of Utuado, Caribe Farm, Corporation of Juana Diaz, José N. Ramirez Lugo of Mayaguez, José L. Roig Franceschini of Mayaguez, GUR-Meat, Inc. of Camuy, Javier Velez of Utuado, and Ganaderos Borges, Inc. of Caguas.

 

The Business & Industry Guarantee Loan were awarded to Precision Powered Product, Inc of Cabo Rojo ($8,618,000) and Fusion Properties Management of Mayaguez ($1,182,272).

 

Background:
 

Vilsack highlighted 751 investments that USDA is making in eight programs specifically designed to create economic opportunities for people and businesses in rural areas. These programs include Business and Industry (B&I) Loan Guarantees, which provided record-breaking investments in fiscal year 2021, and the B&I CARES Act Program, which has helped create thousands of jobs with funding from the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

 

Programs also include Rural Innovation Stronger Economy (RISE) Grants, Rural Economic Development Loan and Grant Program, Rural Cooperative Development Grant Program, Rural Microentrepreneur Assistance Program, Intermediary Relending Program and Value-Added Producer Grants.

 

These programs are part of a suite of business and cooperative services that are projected to help create or save more than 50,000 jobs in rural America through investments made in fiscal year 2021.

 

Under the leadership of the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural and high-poverty areas. For more information, visit www.rd.usda.gov. USDA Rural Development is prioritizing projects that will support key priorities under the Biden-Harris Administration to help rural America build back better and stronger. Key priorities include combating the COVID-19 pandemic; addressing the impacts of climate change; and advancing equity in rural America. For more information, visit www.rd.usda.gov/priority-points. If you’d like to subscribe to USDA Rural Development updates, visit our GovDelivery subscriber page. You can follow us at our Twitter Account @RD_PuertoRico.

 

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