ALBUQUERQUE ― USDA Rural Development State Director Terry Brunner announced the New Mexico Community Development Loan Fund also known as the ‘Loan Fund’ was successful in providing two small business loans, using USDA funds, during the third quarter of the 2015 fiscal year that just closed.
The Loan Fund used USDA Rural Development’s Rural Microentrepreneur Assistance Program (RMAP) to make loans to Oscar and Myrna Ibanez of Anthony, New Mexico (owners of a trucking business) and to P&M Signs from Mountainair, New Mexico.
Together the businesses received $78,825 to expand their business operations.
“I am excited USDA RD has partnered with the ‘Loan Fund’ to help small businesses grow in rural New Mexico because by doing so, we are creating new jobs which in turn strengthens our economy.” Brunner said. “Through our partnership with the Loan Fund and other non-profits we are working in a more efficient manner to help small businesses access much needed financial support.”
The RMAP program provides a funding to local intermediaries such as the Loan Fund who in turn re-lends the money to small businesses for community development projects in rural communities.
Nonprofits and cooperatives, Federally-recognized Tribes and public agencies are eligible to apply to become an intermediary lender.
After receiving the funds they are allowed to loan the money to individuals, public or private organizations, or other legal entities, for a variety of economic development projects or support.
The New Mexico Community Development Loan Fund has partnered with USDA Rural Development for the last 20 years using the agency’s funding to expand or to start up various small businesses from day care centers, flower shops, restaurants and a tortilla factory to name a few.
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.