Three Projects to be Funded in Rural New Mexico

WASHINGTON, October 19, 2012 – Agriculture Secretary Tom Vilsack today announced the selection of 112 recipients in 38 states, Washington, DC, and the Western Pacific for loans and grants to help spur economic development and create or save jobs.

"These awards illustrate the broad impact that USDA Rural Development's assistance has on small towns and rural communities," Vilsack said. "Whether the funding is given directly to individuals or businesses, or indirectly through utilities and other intermediaries, the results are the same: new jobs, stronger economies and more vibrant communities."

Funding for three projects in New Mexico by the Jemez Mountain Electric Cooperative, Inc. the Pueblo of Isleta and the Rocky Mountain Farmers Union Educational and Charitable Foundation, Inc. were part of today's announcement by Secretary Vilsack.

Upon notification these three projects were approved, USDA Rural Development State Director Terry Brunner said, "We are very excited to see New Mexico benefit from this funding. The financial support for these three projects in New Mexico is part of the Obama Administration's continued commitment to ensure that rural communities in our state are able to create sustainable economic development."

The three projects that are being funded in New Mexico include two Rural Business Opportunity Grants (RBOG) made to:
* The Jemez Mountain Electric Cooperative in the amount of $50,000 will be used to pay for a feasibility study targeting regional economic development for technology, green industry and new media.
* The Pueblo of Isleta in the amount of$88,000 grant to assess the feasibility of establishing a tribally-owned energy company.

And, a Small, Socially Disadvantaged Producer Grant (SSDPG) made to:
* The Rocky Mountain Farmers Union Educational and Charitable Foundation, Inc. to provide rural, cooperative development technical assistance to small, socially disadvantaged producers in New Mexico.

With today's announcement, USDA is investing more than $20 million to spur economic growth. For a complete list of recipients that have been selected for funding, go to (http://www.rurdev.usda.gov/SupportDocuments/rdEconomicDevNRCHARTOct2012.pdf). Funding is contingent upon the recipient meeting the terms of the loan or grant agreement.

USDA Rural Development is providing assistance through several loan and grant programs. In one, the Rural Economic Development Loan and Grant (REDLG) program, utilities receive zero-interest loans that they pass through to local businesses for projects to create and retain employment in rural areas. For more information about the Rural Economic Development Loan and Grant program, please visit http://www.rurdev.usda.gov/BCP_redlg.html.

Secretary Vilsack also announced today the selection of 35 organizations for Rural Cooperative Development grants to provide technical and business development assistance in rural areas. For more information about the Rural Cooperative Development Grant program, please visit http://www.rurdev.usda.gov/BCP_RCDG.html.

For other examples of USDA investments in rural communities, please visit Rural Development's new interactive web map at http://www.rurdev.usda.gov/RDSuccessStories.html. The map features program funding and success stories for fiscal years 2009-2011.

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. USDA's investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Tom Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.

USDA, through its Rural Development mission area, has an active portfolio of more than $172 billion in loans and loan guarantees. 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.