Thursday the U.S. Department of Agriculture announced a loan program aimed at reducing rural poverty nationwide. Some of the project’s $400 million in loans is being doled out in Arizona.
Long-term poverty, rural regions the USDA said could benefit from the loans are colonias along the U.S.-Mexico border. Colonias are mostly poor Hispanic communities that lack development, some of which are in Arizona.
The partnership between the USDA and community development organizations intends to provide long-term, low-interest loans to help with local services like education, health care and infrastructure.
The USDA promised Arizona-based company Prestamos $15 million meant for those development projects.
Prestamos provides services for Arizona and Nevada small businesses, including micro loans.
California-based Rural Community Assistance, which also serves Arizona, received $30 million as well.
