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Biden-Harris Administration Invests $981 Million to Expand Market Opportunities for Rural Businesses and Entrepreneurs in 47 States, Guam and the U.S. Virgin Islands

Release Date
Dec 06, 2022

WASHINGTON, Dec. 06, 2022 – U.S. Department of Agriculture (USDA) Secretary Tom Vilsack today announced that the Department is investing $981 million to help create new and better market opportunities and expand essential services for rural people, businesses and entrepreneurs in 47 states, Guam and the Virgin Islands.

“Rural people provide the everyday essentials our country depends on,” Vilsack said. “Under the leadership of President Biden and Vice President Harris, USDA is dedicated to helping people through job creation and expansion of entrepreneurial opportunities in the rural places they live. The partnerships we’re announcing today demonstrate USDA’s commitment to advocating for rural business owners and building brighter futures for everyone in rural America.”

The funding will help keep resources and wealth made by rural people right at home through affordable financing and technical assistance. It will help rural Americans start businesses and allow small business owners to grow. It will also open the door to new economic opportunities for communities and people who historically have lacked access to critical resources and financing.  

In Mississippi for example: 

  • Altex Tube LLC will use a $25 million investment to purchase and install manufacturing equipment and construction of a steel tubing mill in Columbus, Mississippi. Altex Tube LLC anticipates on producing 25 high paying jobs with more to come as the business progresses.

 

  • The Indianola Pecan house will use a $2.8 million investment to provide working capital and refinance debt. A permanent store in Indianola and two temporary seasonal stores located across Mississippi make up the company's retail portfolio, which contributes an average of $2.0 million in sales annually. The Mississippi Delta region, and particularly Sunflower County, benefits from the company's ability to leverage local talent, with approximately 50 employees during the off-season increasing to over 100 during the peak season (September to December), which has a considerable economic impact on residents.

 

  • King Daughter’s Medical Center will use a $19.7 million investment to construct a new medical office building on the property adjacent to the hospital. The new structure will be a three-story, 36,500 square foot facility with additional parking for 140 cars. This building will replace six existing ambulatory patient clinics, which allows King Daughter's Medical Center to consolidate its operations to one campus, ultimately improving efficiency. The building will be designed to reflect the quality of care offered by the center and will include state of the art mechanical and electrical building systems to produce energy and operational efficiencies.

Background:

USDA is making 242 awards through eight programs specifically designed to create economic opportunities for people and businesses in rural areas. These programs are the Biofuel Producer Relief Payments ProgramBusiness and Industry (B&I) Loan Guarantees, Community Facilities Guaranteed Loan Program, Rural Cooperative Development Grant Program, the Rural Economic Development Loan and Grant Program, Rural Innovation Stronger Economy Grants program, the Rural Microentrepreneur Assistance Program and the Water and Waste Disposal Loan Guarantees.

USDA touches the lives of all Americans each day in so many positive ways. In the Biden-Harris Administration, USDA is transforming America’s food system with a greater focus on more resilient local and regional food production, fairer markets for all producers, ensuring access to safe, healthy and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate-smart food and forestry practices, making historic investments in infrastructure and clean-energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America. To learn more, visit www.usda.gov.

Under the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as 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.

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USDA is an equal opportunity provider, employer, and lender.