DENVER, Colo., May 24, 2022 – U.S. Department of Agriculture (USDA) State Director for Colorado Armando Valdez today announced that the Department is investing $9.7 million to help create new and better market opportunities for rural businesses and people in Colorado.
“Under the leadership of President Biden, Vice President Harris and Secretary Vilsack, USDA is expanding access to capital to prioritize rural economic development. Providing financial backing to stimulate business creation and growth is key to a rural community’s success. By working in partnership with financial institutions, we’re able to help create and preserve quality jobs and enable commercial lenders an opportunity to provide affordable financing for rural businesses,” said Valdez.
The funding will help a diverse rural America keep resources and wealth right at home through job training, business expansion and technical assistance. It will help companies hire more workers and reach new customers. It will open the door to new economic opportunities for communities and people who historically have lacked access to critical resources and financing. It will also help entrepreneurs and business cooperatives create jobs, grow businesses, and find new and better markets for the items they produce.
In Colorado, three projects were awarded funding through the Business and Industry (B&I) Guaranteed Loan Program:
- Alamosa State Bank provided permanent refinancing for a hotel in Alamosa, Colorado
- US Eagle Federal Credit Union assisted Fossil Creek Mines LLC, a gold mining company with funding for working capital
- Redstone Bank provided permanent financing for the purchase of real property in Bennett, Colorado
Background:
USDA is making 154 investments through three programs specifically designed to create economic opportunities for people and businesses in rural areas. These programs are the Business and Industry (B&I) Loan Guarantee Program, the Rural Economic Development Loan and Grant Programs, and the Rural Microentrepreneur Assistance Program.
Under the Biden-Harris Administration, USDA Rural Development provides loans and grants to help expand economic opportunities, create jobs, and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety, and health care; and high-speed internet access in rural, tribal, and high-poverty areas. For more information in Colorado, visit www.rd.usda.gov/co.