New Mexico Rural Businesses Encouraged to Contact USDA Rural Development State Office for Application Information


Albuquerque, NM April 13, 2010 — Aided by $1.5 billion in American Recovery and Reinvestment Act funds, the U.S. Department of Agriculture has helped more than 420 rural businesses create or preserve 22,000 jobs in rural America in the past year, Agriculture Under Secretary Dallas Tonsager announced today.  Recovery Act funding created a nearly 300 percent increase in USDA’s Business and Industry (B&I) Guaranteed Loan Program for lenders who finance businesses in rural communities.



“This program is a win-win for rural businesses, rural communities and their lenders,” Tonsager said. “Our USDA team is committed to helping rural businesses modernize and flourish in any economic climate.”



USDA is helping lenders use the B&I Guaranteed Loan Program to jumpstart rural economies by providing loan guarantees of up to 90 percent for business loans in communities of 50,000 or less. Guarantees are available for loans up to $25 million for businesses and $40 million for cooperative organizations. More than 1,400 lenders in rural communities are already participating.



New Mexico USDA Rural Development State Director Terry Brunner stated, “We encourage current and prospective business owners along with their lenders to consider our guaranteed loan program as they consider expanding their business operations or create a new business venture.” Businesses interested in learning more about eligibility should contact the New Mexico State Office at 505-761-4953 for more information.



USDA, through its Rural Development mission area, administers and manages more than 40 housing, business and community infrastructure and facility programs through a network of 6,100 employees located in 500 national, 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. Rural Development has an existing portfolio of more than $134 billion in loans and loan guarantees.