SAVING BUSINESSES AND CREATING JOBS THE USDA APPROVES LOANS OF NEARLY $5 MILLION FOR STEEL COMPANY BASED IN HIDALGO COUNTY
Congressman Rubén Hinojosa (D-TX-15) announced today that the U.S. Department of Agriculture (USDA) has approved three separate loans totaling $4,990,000 to Structural Steel, Ltd. L & N Strong Family Limited Partnership based in Pharr, Texas. Strong Structural Steel is a structured steel fabricator specializing in pre-engineered metal buildings and various metal components.
"The USDA has been extremely helpful to the rural residents and business owners in my Congressional District 15 by extending loans and offering grants that are crucial to the economic recovery in our rural communities," said Rep, Hinojosa. "President Obama and Secretary of Agriculture Tom Vilsack remain committed, as I do, in assisting our hard working ranchers, farmers and small business owners who are the backbone of this nation."
The loans will not only allow the company to refinance its debt and working capital, this action will save 70 jobs and create 15 more. Under the USDA Business and Industry Guaranteed Loan program, guaranteed loans are specifically used to refinance debt associated with business, pay for closing costs and fees and provide working capital for new inventory and future operating expenses.