Rural Business Ventures Get $11.8 Million From Usda
The selection of 84 applicants in 30 states to receive approximately $11.8 million in grants for business development and job creation has been announced by the U.S. Department of Agriculture.
Two types of business grants are being awarded through USDA Rural Development to finance or develop small and emerging businesses for the targeted areas and Tribal organizations.
They are: Rural Business Enterprise Grants, which can be used for a variety of purposes, including technical assistance, machinery and equipment purchases, revolving loan fund creation, and building construction, and Rural Business Opportunity Grants, which help sustain economic development in communities with exceptional needs by supporting their economic planning, technical assistance and business training costs.
Of the approximately $11.8 million announced, USDA Rural Development will provide more than $7.9 million to high poverty rural communities and more than 3.8 million to Tribal organizations.
Funding of selected applicants will be contingent upon meeting the conditions of the grant agreement.