This agency lent $9.2 million to New Mexico businesses last year

This agency lent $9.2 million to New Mexico businesses last year Albuquerque Business First By Sal Christ New Mexico businesses benefited from more than $9.2 million in awards from the U.S. Department of Agriculture's Rural Development office last year. According to the agency's 2015 progress report, 14 loans and grants were made to businesses, sole proprietors and projects involving business facilities and community development projects in New Mexico last year — many of which helped fuel economic development in rural areas. Of those 14 awards, four went to business and industry loan guarantees in the amount of $8.4 million; $250,000 went to one applicant as part of the intermediary relending program; and an additional $574,000 in business grants went to nine other applicants. Since 2009, the USDA Rural Development office has invested about $1.6 billion in New Mexico. “In 2015, we obligated $184 million to help New Mexico grow and prosper. We’ve helped thousands of New Mexicans by creating jobs, making homeownership become a reality, delivering better water, sewer, electric and communication services to communities throughout the state,” said USDA Rural Development State Director Terry Brunner in a statement. One of the private businesses that benefited from USDA Rural Development funding last year was shrimp farming company Southwestern Seas LLC, which landed about $50,000 for marketing efforts. In addition to loans and grants to businesses and business owners, the agency's funding goes to projects that include renewable energy, housing, telecom, farm labor, distance learning and more. Overall, the agency awarded more business grants in New Mexico last year, and its total funding efforts in 2015 superseded the previous year by about $40 million. Since 2009, it has invested about $1.6 billion in the state. Nationally, USDA Rural Development provided $30 billion in direct and guaranteed loans and grants across 171,000 awards to "rural individuals, individuals, families, business owners, agricultural producers and communities."