The U.S. Department of Agriculture today reported the agency would be allotting new economic development funding to help 11 states boost rural businesses and create jobs in rural communities.
The announcement was made by Agriculture Secretary Tom Vilsack, who noted that loans and grants are being made available through the USDA's Rural Development's Rural Economic Development Loan and Grant program. The loans and grants will go towards rural community development in Colorado, Indiana, Iowa, Kansas, Kentucky, Minnesota, Mississippi, Montana, Oregon, and South Dakota. The funding will help improve public infrastructures and facilities while also helping businesses and residents by boosting local economies and creating jobs.
Secretary Vilsack said, "These loans and grants help cooperatives and utilities support local projects that create jobs and improve rural economic conditions. USDA is proud to be a partner in the effort to bolster these cooperatives and help them win the future by increasing the value and appeal of the products and services they deliver."
Additionally, in today's announcement, Secretary Vilsack commented that the USDA was putting forth $12.3 million in funding, specifically loans and grants, today for projects in the 11 states. The state receiving the most individual projects is Iowa. The Hawkeye State will be receiving four $300,000 grants, one $200,000 grant, and a $600,000 loans. The projects include building a new business complex in Butler County to bring businesses to rural areas and building a new community aquatic center and purchasing a new city hall. Also, many loans will be going towards public utilities companies to expand their operations.
On May 11, the USDA announced that it was selecting rural utilities in five states, including Kansas, Mississippi, Montana, Oklahoma, and South Carolina, to receive loans to help support businesses and create jobs within rural communities. However, the funding announced this Wednesday exceeded that announced back in May, which totaled $1.8 in loans for the five states. The $1.8 million went towards projects that ranged from building senior centers, building airport hangars, and expanding utility company operations.
Since its creation, the USDA Rural Development department has given out $115 billion in loans and other funding. The department has plans to administer $20 billion in loans and grants for the current fiscal year. USDA Rural Development was created to help rural communities, residents, visitors, and businesses by improving local infrastructures, public facilities, while creating more jobs and economic opportunities for rural businesses in many states across the country.
Rachel Bogart provides an in-depth look at current environmental issues and local Chicago news stories. As a college student from the Chicago suburbs pursuing two science degrees, she applies her knowledge and passion to both topics to garner further public awareness.
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