Usda Provides $21 Million To Spur Job And Economic Growth In 18 States
The U.S. Department of Agriculture (DOA) has announced the award of over $21 million to 18 states to foster business and community development in rural areas.
The following is a complete list of approved project dollars by state:
Arizona – $750,000
California – $2,250,000
Idaho – $300,000
Maryland – $2,000,000
Missouri – $500,000
Montana – $597,000
Nebraska – $750,000
New Hampshire – $500,000
New York – $300,000
North Carolina – $5,000,000
North Dakota – $500,000
Ohio – $750,000
Oregon – $360,000
Pennsylvania – $750,000
South Dakota – $2,750,000
Utah – $1,750,000
Washington – $750,000
West Virginia – $500,000
For rural America to grow and attract jobs, tools are needed to promote business opportunities, said Agriculture Undersecretary for Rural Development Thomas Dorr. The $21,057,000 will increase business opportunities and could create or save up to 1,738 jobs.
This assistance is being provided through Rural Developments Intermediary Re-lending Loan Program (IRP). IRP provides revolving loan funds and technical assistance for business facilities and community development projects in rural areas and cities with a population of less that 25,000.
Rural Development lends funds to intermediaries who then provided loans to borrowers who are developing business facilities or community development projects. Eligible intermediaries include public bodies, nonprofit corporations, Indian tribes, and cooperatives.
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. Rural Development provides equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure.
