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USDA Invests $27 Million to Support Local Businesses, Create Good-Paying Jobs and Strengthen the Economy in Rural Tennessee

City
NASHVILLE
Release Date
Feb 02, 2022

NASHVILLE, Tenn., Feb. 2, 2022 – United States Department of Agriculture (USDA) Secretary Tom Vilsack today announced the Department is investing $1.4 billion to help a diverse rural America keep resources and wealth right at home through job training, business expansion and technical assistance. Tennessee Rural Development State Director Arlisa Armstrong is pleased to announce more than $27 million in loans and grants will be invested in rural Tennessee.

"We are excited to partner with businesses and agriculture producers across the state to provide them with funding for capital that will also lead to the creation of jobs for rural residents,” Armstrong said. “Our agency is committed to being a strong partner in rural Tennessee to build stronger and healthier communities.”

The funding announced today will help people and businesses in diverse communities and industries throughout 49 states, the Virgin Islands and Puerto Rico. It will help companies hire more workers and reach new customers. It will open the door to new economic opportunities for communities and people who historically have lacked access to critical resources and financing. And it will help entrepreneurs, business cooperatives and farmers in nearly every state create jobs, grow businesses and find new and better markets for the items they produce.

In Tennessee: 

  • Three Roots Capital will use a $49,305 grant from the Rural Microentrepreneur Assistance Program to provide training and technical assistance to microloan borrowers and micro entrepreneurs in rural eastern Tennessee.
     
  • Seven Springs Farm to Table LLC will use a $250,000 Value Added Producer Grant to provide working capital funds, a direct sales fresh vegetable, and a processed beef operation. They will process certified angus cattle into retail cuts of meat to be served at their farm to table events. The new products and events will be marketed utilizing working capital funds.
  • DS Pigeon Forge LLC will use a $3 million Business & Industry Loan Guarantee to purchase an existing hotel in Pigeon Forge. This project is expected to create/save 20 jobs. The project will support the already growing tourism industry of the region.

Background:

Vilsack highlighted 751 investments that USDA is making in eight programs specifically designed to create economic opportunities for people and businesses in rural areas. These programs include Business and Industry (B&I) Loan Guarantees, which provided record-breaking investments in fiscal year 2021, and the B&I CARES Act Program, which has helped create thousands of jobs with funding from the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Programs also include Rural Innovation Stronger Economy (RISE) Grants, Rural Economic Development Loan and Grant Program, Rural Cooperative Development Grant Program, Rural Microentrepreneur Assistance Program, Intermediary Relending Program and Value-Added Producer Grants.

These programs are part of a suite of business and cooperative services that are projected to help create or save more than 50,000 jobs in rural America through investments made in fiscal year 2021.

The awards Vilsack announced today are being made in Alaska, Alabama, Arkansas, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Texas, Utah, Virginia, Vermont, Washington, West Virginia, Wisconsin, Wyoming, Puerto Rico and the Virgin Islands.

Under the leadership of 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. USDA Rural Development is prioritizing projects that will support key priorities under the Biden-Harris Administration to help rural America build back better and stronger. Key priorities include combating the COVID-19 pandemic; addressing the impacts of climate change; and advancing equity in rural America. For more information, visit www.rd.usda.gov/priority-points. If you’d like to subscribe to USDA Rural Development updates, visit our GovDelivery subscriber page.

USDA touches the lives of all Americans each day in so many positive ways. Under the leadership of 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.

 

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USDA is an equal opportunity provider, employer and lender.