The United States Department of Agriculture (USDA) Deputy Under Secretary for Rural Development Justin Maxson has announced that the USDA is on track to provide a record level of support for rural working capital and other business capital needs in fiscal year 2021.
The Department has invested $1.2 billion in loan guarantees to help rural businesses in 41 states. These investments – made through the Business and Industry Loan Guarantee Program and the Business and Industry CARES Act Program – are expected to create or save more than 12,000 jobs for people in rural areas.
“Under the leadership of President Biden, Vice President Harris and Agriculture Secretary Vilsack, the USDA is expanding access to capital to prioritize rural economic development,” Maxson said. “As we continue to respond to the COVID-19 pandemic and restore the economy, USDA remains committed to helping rural businesses create job opportunities so rural Americans can build back better and stronger than ever before.”
USDA has invested $811 million through the Business and Industry (B&I) Loan Guarantee Program since the start of the current fiscal year, which has helped businesses create or save more than 6,000 jobs in rural areas. Investments under the B&I program are 36 percent higher than they were this time last year. Applications have increased by 44 percent.
The Department also invested $380 million in rural businesses through the Business and Industry CARES Act Program, which was established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This assistance has helped rural businesses create or save more than 6,000 jobs in rural areas, as well.
Under the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements, business development, housing, schools, public safety and health care, and high-speed internet access in rural, tribal and high-poverty areas. For more information, visit www.rd.usda.gov.
