Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   

Agricultural News


Agriculture Secretary Vilsack Announces New Private Funds to Make Investments in Rural America

Wed, 29 Apr 2015 14:29:23 CDT

Agriculture Secretary Vilsack Announces New Private Funds to Make Investments in Rural America U.S. Agriculture Secretary Tom Vilsack Wednesday announced the launch of two new private funds, known as Rural Business Investment Companies (RBICs), which make equity investments in rural businesses, helping them grow and create jobs. This announcement is part of USDA's ongoing efforts to help attract private sector capital to investment opportunities in rural America to help drive more economic growth in rural communities.


"These two new private funds will provide innovative small businesses throughout rural America access to the capital they need to grow and create jobs," Vilsack said. "At USDA, we are working hard to reenergize the rural economy, and we are enlisting more and more private sector partners to help achieve that goal. Rural Business Investment Companies will allow us to facilitate private investment in businesses working in bio-manufacturing, advanced energy production, local and regional food systems, improved farming technologies and other cutting-edge fields."


Innova Memphis and Meritus Kirchner Capital can now begin raising capital to constitute their funds. Meritus Kirchner Capital has set a goal of raising $100 million, while Innova Memphis has set a goal of raising $25 million for their respective funds. Once the funds have been raised, these companies will make equity investments in rural businesses with high-growth potential.


"We are very pleased to be working with USDA to fund innovative, early-stage startups in rural America," said Jan Bouten, partner at Innova Memphis. "This being our fourth fund, we will be able to hit the ground running and build on our strong track record in early-stage investing. We will work with partners such as Memphis Bioworks Foundation and Ag Innovation Development Group to build thriving innovation communities across the country."


"We are appreciative of the leadership Secretary Vilsack and USDA have shown by facilitating the creation of these new RBICs. The RBIC application process was rigorous, with USDA and the Farm Credit Administration participating in an extensive review of all aspects of our management team, track record, and investment strategy. This is a significant milestone because now we formally can begin the fundraising process," said Grady Vanderhoofven, partner at Meritus Kirchner Capital. "The capital we raise will be invested in exceptional growth-stage, agriculture-related and rural companies, which historically have had limited access to this kind of capital. By doing so, we will help create wealth, jobs, and opportunities in rural America."


The new funds announced today were formed under the USDA's Rural Business Investment Program (RBIP). USDA is utilizing RBIP to license funds to invest in enterprises that will create growth and job opportunities in rural areas, with an emphasis on smaller enterprises. Working through the USDA program enables licensed funds to raise capital from Farm Credit System banks and associations.


Last year, Secretary Vilsack announced the creation of the first new RBIC which has already begun investing in rural businesses with high-growth potential. The $10 billion Rural Infrastructure Opportunity Fund, also announced last year, facilitates private loans for job-creating rural infrastructure projects across the country.


These efforts are part of the Made in Rural America initiative, which was created by President Obama to help rural businesses and leaders take advantage of new investment opportunities and access new markets abroad. Secretary Vilsack and the White House Rural Council convened the Rural Opportunity Investment Conference last summer to attract additional investments to rural America by connecting major investors with rural business leaders, government officials, economic development experts and other partners.

   

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Oklahoma Youth Expo Sale of Champions Sale Order Available Here- Sale Set for 4 PM Friday  Fri, 17 Mar 2023 04:50:54 CDT
  • Rural Voters Dominated Vote to Defeat Recreational Marijuana March 7th  Fri, 10 Mar 2023 07:13:05 CST
  • Ron Hays Talks to Israeli Ag Tour Guide Colin Lotzof About the Miraclel of Ag in Israel  Wed, 22 Feb 2023 22:11:04 CST
  • OALP Members Experience First Hand View of Cutting Edge Drip Irrigation Technology as Israel Travel Ends  Wed, 22 Feb 2023 10:51:49 CST
  • OALP Members Get First Hand View of Cutting Edge Drip Irrigation Technology as Israel Travel Ends  Wed, 22 Feb 2023 10:50:10 CST
  • Oklahoma Ag Leadership Program Sees Fruit, Beef and Dairy Production North of the Sea of Galilee in Israel  Mon, 20 Feb 2023 21:56:02 CST
  • Oklahoma Ag Leadership Program Sees Diverse Farm Operations in Jordan River Valley of Israel  Sun, 19 Feb 2023 21:17:30 CST
  • Israeli Tour Guide Mark Kedem Talks About The Cultural Aspects of What Class XX of OALP is Experiencing   Sat, 18 Feb 2023 22:17:23 CST

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Oklahoma Beef council Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment Oklahoma City Farm Show Union Mutual Stillwater Milling Oklahoma Cattlemen's Association KIS FUTURES, INC.
       
       
       
       

    Search OklahomaFarmReport.com

    © 2008-2024 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.