Rural Development announces funding grant
BELTON—Rural Development Business & Cooperative Programs Director Daniel Torres with Congressman John Carter, (TX-31), announced funding to the Development Corporation of Central Texas Thursday for a $93,000 Rural Business Enterprise Grant (RBEG). The grant will be used to establish a revolving loan fund for the purpose of supporting and expanding economic and employment opportunities.
“Revolving loan funds will create new jobs in Texas which will provide essential services to local residents,” Paco Valentin, USDA Rural Development State Director, said. “I am very pleased that we are able to assist the Development Corporation of Central Texas provide needed capitol for small business development.”
“This program will allow support for regional economic growth during a difficult monetary environment,” Jim Reed, Executive Director of the Central Texas Council of Governments and the Development District of Central Texas, said. “Programs like this exemplify the type of progress that can be made through effective partnerships between all levels of government and the private sector working together, to support economic growth. We are excited to begin this journey as a partner with our regional community.”
In fiscal year 2011, Texas USDA Rural Development will obligate $1,402,000 of state allocations in the form of 10 Rural Business Enterprise Grants. This program helps finance new and existing businesses, as well as employment-related adult education programs. RBEG funds can be used for start-up and working capital loans, building and plant renovations, transportation improvements, project planning and other business needs.
Potential businesses in rural communities interested in the RBEG Program must employ 50 or fewer new employees and have less than $1 million in gross annual revenues. Public bodies and notfor profit entities including federally recognized Indian Tribes located in rural areas or in communities below 50,000 in population are eligible for the RBEG Program. Priority is given to applicants from communities of 25,000 or less.