WASHINGTON, D.C. - Today, U.S. Senators Tom Udall and Martin Heinrich and U.S. Representative Ben Ray Luján announced that Sipapu Recreational Development in Vadito and the Academy for Technology and the Classics Foundation in Santa Fe will each receive more than $4.2 million in guaranteed loans to advance their operations. Sipapu Recreational Development will receive $4.235 million to improve its ski resort operations, including funding to purchase equipment and machinery, provide working capital and to pay off existing debt. The Academy for Technology and the Classics Foundation will receive $4.3 million to pay off bond debt on the Academy for Technology and the Classics Charter School's property and facility.
"These funds are important to help rural businesses in New Mexico thrive and generate economic development in our communities," Udall said. "The Sipapu ski resort creates jobs and attracts tourists to northern New Mexico, and these funds will help to ensure the resort continues to draw visitors and revenue to the area. The Academy for Technology and the Classics Charter School is helping to prepare Santa Fe students with the skills to succeed in college, and provide them with the technological skills needed in today's work force. As a member of the Senate Appropriations Committee, I will continue to push for funding to help New Mexico businesses to grow, and to expand educational opportunities for our state's next generation of leaders."
"These Rural Development funds will help Sipapu ski resort and the Academy for Technology and the Classics improve their operations," said Heinrich. "Places like Sipapu in northern New Mexico attract visitors from across the country and contribute to our state's $6.1 billion outdoor recreation economy. I'm also pleased with the investment to support STEM education, so that students will continue to receive technology skills that will prepare them to compete in today's economy."
"Rural Development funds provide important resources to our communities and contribute to economic development that is needed in rural New Mexico," Luján said. "These projects will help contribute to efforts to build a stronger economy in northern New Mexico by promoting a local business in Taos County and the tourism industry that is an important part of the economy. They will also help enhance the Academy for Technology and the Classics Charter School's ability to serve its students and ensure they receive a good education."
The Sipapu Ski and Summer Resort was founded in 1952 in the Sangre de Cristo Mountain region, and has more than 40 ski trails. The family-friendly resort offers terrain catering to skiers and snowboarders of all ability levels, and claims itself home to the longest ski season in the state.
Established in 2000, the Academy for Technology and the Classics enrolls approximately 365 students in grades 7-12, and seeks to provide a classical and technology-based approach to education in a public school setting.
The loans were made available through the U.S. Department of Agriculture (USDA)'s Business and Industry Guaranteed Loan Program. The program provides loans to improve the economic and environmental climate in rural communities by bolstering existing private credit structures and guaranteeing the quality of loans.