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$750K from USDA.

$750K FROM USDA. Puerto Rico is getting $750,000 to create jobs and boost economic development from the U.S. Dept of Agriculture, reports News Is My Business (Aug. 7, 2013). The funding was assigned to the Corporacion para el Financiamiento Empresarial del Comercio y las Comunidades, which will provide loans to public and nonprofit organizations to re-lend at low interest rates for business and community development projects. The agency assigned the funding for the local organization through its Intermediary Relending Program, which requires that loans must be used to create or retain jobs by starting or expanding businesses. Since President Obama took office, this program has created or saved approximately 40,000 jobs. In related news, the agency announced that it is seeking applications for grants to assist rural communities with extremely high energy costs. Through its Rural Development division, is making available up to $7.7 million in High Energy Cost Grants to assist communities where home energy expenditures exceed 275 percent of the national average. Grant awards range from $50,000 to $3 million. Applications are due Sept. 3.

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Title Annotation:PUERTO RICO; United States. Department of Agriculture
Comment:$750K from USDA.(PUERTO RICO)(United States. Department of Agriculture)
Publication:Caribbean Update
Article Type:Brief article
Geographic Code:1U0PR
Date:Aug 31, 2013
Words:182
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