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Agricultural News


USDA On Track to Provide Record-Breaking Support for Rural Working Capital Needs in Fiscal Year 2021

Tue, 24 Aug 2021 10:49:15 CDT

USDA On Track to Provide Record-Breaking Support for Rural Working Capital Needs in Fiscal Year 2021 United States Department of Agriculture (USDA) Deputy Under Secretary for Rural Development Justin Maxson today announced that USDA is on track to provide a record level of support for rural working capital and other business capital needs in fiscal year 2021. Investments Will Help Create or Save More Than 1,000 Jobs in Rural Oklahoma.

The Department has invested $1.2 billion in loan guarantees to help rural businesses in 41 states, Guam and the Virgin Islands. 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, 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.”
Specifically, investments in rural Oklahoma include:

· 14 recipients - Business and Industry Loan Guarantee Program
· 7 recipients - Business and Industry CARES ACT Program
· $114,254,360 invested in rural Oklahoma businesses
· More than 100 jobs saved
· More than 900 jobs created

USDA has invested $811 million through the Business and Industry (B&I) Loan Guarantee Program since the start of the current fiscal year. This assistance has helped businesses create or save more than 6,000 jobs in rural areas.
USDA 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.

These investments USDA is announcing today are helping rural businesses and workers in Alaska, Alabama, Arkansas, Arizona, California, Colorado, Delaware, Florida, Hawaii, Georgia, Iowa, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Montana, Mississippi, North Carolina, North Dakota, Nebraska, New Jersey, New York, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Vermont, Virginia, Washington, Wisconsin, West Virginia, Wyoming, Guam and the Virgin Islands.

To read the entire release, click or tap here.


   

 

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