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USDA invests $981M to build rural economy
In an effort to help rural citizens retain their resources and wealth, the U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced the investment of $981 million to help create new and better market opportunities expanding essential services for rural people, businesses and entrepreneurs in 47 states, Guam and the Virgin Islands. USDA is making 242 awards through eight programs specifically designed to create economic opportunity; the Biofuel Producer Relief Payments Program , Business and Industry (B&I) Loan Guarantees, Community Facilities Guaranteed Loan Program, Rural Cooperative Development Grant Program, the Rural Economic Development Loan and Grant Program, Rural Innovation Stronger Economy Grants program, the Rural Microentrepreneur Assistance Program and the Water and Waste Disposal Loan Guarantees.
Two awards were made under the RISE Program, which offers a 4-year grant, awarded competitively with a minimum of $500,000 and maximum of $2,000,000. It offers grant assistance to create and augment high-wage jobs, accelerate the formation of new businesses, support industry clusters and maximize the use of local productive assets in eligible low-income rural areas. The awards went to projects in Missouri and Ohio.
The 242 awards aim to help rural Americans start and grow their businesses, while also working to introduce new economic opportunities for communities that have historically lacked access to critical resources and financing, according to USDA.
The three states that are not included are Indiana, Virginia, and Connecticut.