An upstart developer has offered to give $50 million to a local development loan fund to help build a rural development project.
PayPal cofounder Peter Thiel is offering to pay a portion of the loan as a donation to the Regional Development Finance Authority, a fund that supports the financing of rural development projects, according to a blog post from the developer.
“I want to thank our partners at Regional Development Financing Authority for their commitment to supporting rural economic development,” Thiel wrote.
“The funding will allow us to focus on developing an innovative rural development strategy and will help support the continued development of local and regional infrastructure that will benefit both our community and the economy of the community.”
Thiel’s pitch is a rare instance of the PayPal founder using his firm’s resources to help support rural communities, where PayPal has been an early investor.
He previously lent $4.8 billion to finance local and state infrastructure projects in the U.S. and the Netherlands.
He recently announced plans to create a new startup that is dedicated to working on “transformational technology that improves the lives of rural Americans.”
PayPal’s backing of regional development financing is another example of the company taking a more traditional approach to its role in the global payments market.
Thiel’s venture capital fund has previously invested in PayPal’s hometown, San Francisco, and has also invested in other companies in the local tech scene.