Through the work of the BCEC board and the Development Corporation of Snyder (DCOS), Snyder was the only community in Texas among 28 rural communities nationwide which received the money. The funds are designated to help spur economic development and create or save jobs.
Also, BCEC was the only co-op to receive two grants and loans.
"This is big news for Snyder and Big Country Electric," said DCOS Executive Director Bill Lavers. "This would not have been possible without the cooperation and support of the Big Country board and staff. I want to thank them for their efforts. This shows what can happen when you work together."
The loans, which have a 0 percent interest rate, are each for $740,000. Lavers said the loans have to be paid back in 10 to 15 years. The grants are for $300,000 each.
The first loan/grant was awarded to develop the 74-acre industrial park with rail access.
This is the current project on U.S. Business 84 at the industrial park home to WL Plastics.
As part of the application process, Lavers included funding to place traffic lights along U.S. 84 and U.S. 180 near the original industrial park. The cost for that project is $160,000.
The second project was to help Sterling Management Company and Goodlife Assisted Living and Memory Care acquire and develop a 15-bed assistedliving facility. Lavers said the company originally had plans to build a third facility, but will not do so at this time. However, the money will available for a period of time if the company does plan to expand.
"The funding I am announcing today will help rural businesses, entrepreneurs and tribal communities obtain the financing they need to grow their businesses and create jobs," said Agriculture Secretary Tom Vilsack. "These grants and loans represent the Obama administration's commitment to ensure that rural communities attract capital investments that lead to successful business development, job creation, infrastructure improvements and economically vibrant communities." USDA Rural Development is providing the loans and grants through the Rural Economic Development Loan and Grant (REDLG) program, the Intermediary Relending Program (IRP), and the Rural Business Enterprise Grant (RBEG) program. Lavers said the money is from a pool given by co-ops from throughout the nation and disbursed through the different programs.