Rural Business Ventures Garner $20.1 Million From Doa
The selection of 97 loan and grant recipients in 24 states to receive $20.1 million in rural business development funds has been annouced by the Department of Agriculture. The funds include $1.6 million to support economic development in Native American and Native Alaskan communities.
The loans and grants are expected to assist in creating or saving nearly 10,000 rural jobs and support 772 business ventures to spur economic development in rural areas.
The grants and loans are awarded through USDA Rural Development to local organizations, which in turn administer the funds in local efforts. Funds can be used for a variety of purposes, including revolving business loan funds, studies, technical assistance, community facilities, improving medical care and communications, and other projects that encourage a favorable climate for jobs and growth.
Many of the awards are made in conjunction with assistance from other sources, “leveraging” USDA funds for greater effect.The assistance includes Rural Business Enterprise Grants, Rural Business Opportunity Grants, Rural Economic Development Loans and Grants and Rural Business Enterprise & Television Demonstration Grants. The recipients are more than 80 cooperatives, non-profit corporations, local governments, tribal authorities, and other entities.
USDA Rural Development’s mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. As a venture capital entity, Rural Development provides equity, liquidity, and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure.