|
Source: USDA, 5/25/22
U.S. Department of Agriculture (USDA) Secretary Tom Vilsack today
announced that the Department is investing $770 million to help create new and better market opportunities (PDF,
366 KB) for rural businesses and people in 36 states and Puerto Rico. The
investments include $640 million for 122 projects to help people living in
socially vulnerable communities. “The economic success of rural America has long been the bedrock of our Nation’s economy as a whole,” Vilsack said. “Under the leadership of President Biden and Vice President Harris, USDA is prioritizing investment in jobs, businesses, and entrepreneurial opportunities in rural America. The investments we’re announcing today demonstrate how USDA remains committed to helping people in rural America create new and better market opportunities for our country.” The funding will help a
diverse rural America keep resources and wealth right at home through job
training, business expansion and technical assistance. It will help companies
hire more workers and reach new customers. It will open the door to new
economic opportunities for communities and people who historically have lacked
access to critical resources and financing. It will also help entrepreneurs and
business cooperatives create jobs, grow businesses, and find new and better
markets for the items they produce. For example:
- In New York, 88 Ridge Royale LLC
will use a $3.5 million loan to update the historic Queensbury Hotel in
Glens Falls. Funds will be utilized to build a 5,800-square-foot ballroom
to accommodate 400 guests, with a dedicated banquet kitchen. This
investment will create 25 new jobs and support 80 existing jobs in Glens
Falls.
- In Nebraska, the city of Cozad
will use a $300,000 Rural Economic Development grant to update a pharmacy.
Upgrades will expand the pharmacy department, add security measures, and
install new ventilation hoods. These improvements will enhance rural
health care for approximately 4,000 people in the Cozad area.
- In South Carolina, Clemson
University will use a $99,992 Rural Microentrepreneur Assistance Program
grant to help the South Carolina Center for Cooperative and Enterprise
Development provide technical assistance to microentrepreneurs. The
funding is expected to help at least 50 rural businesses access financing
and receive financial management guidance.
Background: USDA is making 154
investments through three programs specifically designed to create economic
opportunities for people and businesses in rural areas. These programs are the Business and Industry (B&I) Loan Guarantee Program, the Rural Economic Development Loan and Grant Programs, and the Rural Microentrepreneur Assistance Program. The awards are being made
in Alabama, Alaska, Arkansas, Arizona, California, Colorado, Delaware, Florida,
Georgia, Idaho, Illinois, Iowa, Kentucky, Louisiana, Michigan, Mississippi,
Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, North
Carolina, Ohio, Oklahoma, Oregon, South Carolina, South Dakota, Texas, Utah,
Vermont, Virginia, Washington, West Virginia, Wyoming and Puerto Rico.
|