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USDA Invests $772 Million to Expand Market Opportunities for Rural Businesses and People in 36 States and Puerto Rico

Name
Miguel A. Ramirez
Phone
City
San Juan, Puerto Rico
Release Date
May 24, 2022

Puerto Rico will Receive $21,250,000

 

Versión en Español aquí

 

San Juan, PR, May 24, 2022 – USDA Secretary Tom Vilsack today announced that the Department is investing $772 million to help create new and better market opportunities for rural businesses and people in 36 states and Puerto Rico. The investments include $640 million for 122 projects to help people living in socially vulnerable communities.

“The economic success of rural America has long been the bedrock of our Nation’s economy as a whole,” Vilsack said. “Under the leadership of President Biden and Vice President Harris, USDA is prioritizing investment in jobs, businesses, and entrepreneurial opportunities in rural America. The investments we’re announcing today demonstrate how USDA remains committed to helping people in rural America create new and better market opportunities for our country.

The funding will help a diverse rural America keep resources and wealth right at home through job training, business expansion and technical assistance. 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. It will also help entrepreneurs and business cooperatives create jobs, grow businesses, and find new and better markets for the items they produce.

Luis R. García, Acting State Director for USDA Rural Development Puerto Rico indicated that Borinken Marine Group LLC will receive A $21,250,000 Guarantee Loan. This investment will be used for debt refinancing (8 tugboats and 1 barge) and working capital injection. Borinken Marine Group LLC is engaged in the charter of tugboats for towing ship operations in Puerto Rico, US Virgin Islands and the Caribbean.

USDA is making 155 investments through three programs specifically designed to create economic opportunities for people and businesses in rural areas. These programs are the Business and Industry (B&I) Loan Guarantee Program, the Rural Economic Development Loan and Grant Programs, and the Rural Microentrepreneur Assistance Program.

Under 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. 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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