Source: MEATINGPLACE, 10/14/16

USDA announced the launch of a private investment fund with the potential to inject $100 million into small businesses across rural America.

The initiative, called the McLarty Capital Partners Rural Investment Fund, is part of USDA’s ongoing efforts to attract private sector capital to investment opportunities in rural America to help drive economic growth in smaller communities. McLarty Capital, founded in 2012, specializes in financing for small and medium-size enterprises.

"Innovative small businesses throughout rural America need the same access to capital as their urban business counterparts," Agriculture Secretary Tom Vilsack said in a statement.

The new fund was formed under USDA's Rural Business Investment Program (RBIP). In 2014, Advantage Capital was granted a license under RBIP for its $154 million Advantage Capital AgriBusiness Partners fund. The fund so far has made 11 investments totaling $39 million in agriculture-related businesses including bio-manufacturing, local and regional food systems and advanced farming technologies.

Other RBIPs that have received conditional approval from USDA are:  Innova Ag Innovation and Meritus Kirchner Ventures in April 2015, and the Open Prairie Rural Opportunities Fund in April 2016. Additional funds are under review.

For more stories, go to www.meatingplace.com.