Photo: Leroy Pacheco (right), Executive Director of the NM Community Development Loan fund accepts a certificate of obligation for $400,000 from USDA Rural Development State Director Terry Brunner (center) as David Allen, Chairman, NM Loan Fund Board of Directors looks on.

(October 15, 2012 Albuquerque, NM) This morning USDA Rural Development State Director Terry Brunner helped celebrate the obligation of $400,000 to the New Mexico Community Development Loan Fund also known as "The Loan Fund." The money will be used to help expand small rural businesses in rural New Mexico.

Last month the Obama administration announced that ‘The Loan Fund' was one of 17 projects made to communities across the nation through the Intermediary Relending Program.

The IRP program provides loan funds to private nonprofit organizations such as ‘The Loan Fund' which then becomes an intermediary to provide financial support in rural areas of 25,000 people or less. The revolving loan program is designed to provide financial assistance for various type of projects including; community development projects, the opening of new businesses or expansion of existing businesses with the goal to save or create new jobs in rural areas.

At today's presentation, Brunner said, "Often it has been tough for the small business owner to access small loans from traditional lenders. This funding will allow the "Loan Fund" to open a new avenue of financial support." Brunner added, "The Obama Administration is committed to make available existing federal resources to create jobs even in the smallest of communities, and I believe this funding will help achieve that goal one business at a time."

‘The Loan Fund' will use the $400,000 IRP loan to target the financing of renewable energy systems in communities such as Raton and in Roswell owned by ag-producers and small businesses. The funds will also be used to provide financial support to small businesses throughout rural New Mexico.

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.

USDA Rural Development's mission is to increase economic opportunity and improve the quality of life for rural residents. Further information on rural programs is available at any local USDA Rural Development office or by visiting USDA Rural Development's web site at http://www.rurdev.usda.gov.