The United States was built on the struggles and sacrifices of small businesses. Late last month, the Obama administration gave permission for the USDA to set aside a $150 million investment fund to help small businesses in rural America to grow.
The funds set aside by the USDA are meant to help fund agriculturally based small businesses. Several banks and credit institutions have pledged support in this effort to create jobs and aid the rural development of small business.
This program is being formed under the USDA’s Rural Business Investment Program. Advantage Capital Partners will be managing the funds. Banks and credit unions that have joined in include:
- AgStar Financial Services from Mankato, Minnesota
- AgriBank from St Paul, Minnesota
- Capital Farm Credit from Bryan, Texas
- CoBank from Denver, Colorado
- Farm Credit Bank of Texas of Austin, Texas
- Farm Credit Services of America from Omaha, Nebraska
- Farm Credit Mid-America from Louisville, Kentucky
- United Farm Credit Service of Willmar, Minnesota
The USDA and the White House are in deep discussion and studying systems to draw more industry and small business to rural America. Agriculture Secretary Tom Vilsack understands that it is rural America that has sustained this country through both good and bad times. Rural America needs to be kept strong and growing; the only way to achieve that is by giving incentives for small businesses to use rural America as their base of operations.
Many people do not completely understand where this money will be distributed. It will not just go to the farmers, but to businesses that supply farmers, or farmers supply them. Businesses such as advanced energy, medical, improving rural technology, and others will be eligible for funding from this recent announcement.
Anyone who may be considering opening a small business may want to consider rural America as a base of operations. If the business utilizes any type of farming or rural objectives, they may be eligible for funding from the USDA’s RBIP financial reserve. With this announcement, there may be a great chance consumers will see the Made in U.S.A. words on products at a greater level.