Investments Will Help Create or Save More Than 12,000 Jobs in Rural America
Washington DC, Aug. 24, 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.
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.”
In Washington State, USDA has invested over $23.5 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 31 jobs in rural areas across the state.
USDA also invested over $990,000 in rural businesses through the Business and Industry CARES Act Program, which was established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
"USDA Rural Development is committed to the future of rural communities," said Trudy Teter, Acting State Director in Washington State. "We have over 60 programs like our Business and Industry Loan Guarantee Program, all geared in one way to either improve economic opportunity for rural businesses and communities or improve the quality of life for rural residents around the state and across the nation."
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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