RICHMOND, Va., Oct. 3, 2024 – U.S. Department of Agriculture (USDA) Rural Development Virginia State Director Perry Hickman is kicking off the 60th anniversary of National Cooperative Month by highlighting collaborations that are making a significant impact on quality of life throughout the commonwealth.
Cooperatives embody the concept of self-help and are organized to build economic power for member-owners and their communities. Virginia has been a significant player in Biden-Harris Administration efforts to support businesses owned and controlled by the people who use them with about $750 million of the more than $17 billion in loans and grants awarded nationwide going to co-ops headquartered in or serving the state.
“Our ongoing partnership with these organizations truly embodies the theme of year’s celebration,” Hickman said. “The Future is definitely Cooperative in Virginia as we join forces to help provide clean, affordable energy, create new business opportunities, and advance equity across the state.”
Nearly 30 projects funded between 2021 and 2024 demonstrate a shared commitment to serving the unique needs of rural areas. The majority of the state’s partnership projects were awarded to electric and telephone cooperatives through the Electric Infrastructure Loan and Loan Guarantee, ReConnect, Community Connect, and Telecommunications Infrastructure Loans and Loan Guarantees programs.
Rural electrical co-ops provide power to three-quarters of the nation’s landmass and are helping expand access to high-speed internet service along with rural telecommunications cooperatives. A by-the-numbers breakdown of Virginia funding is provided below:
- 14 projects awarded to help nine electric cooperatives build out and improve connections for thousands of customers
- 9 projects to aid five telephone and electric cooperatives in deploying fiber-to-the premises networks that will enhance services and offer higher broadband speeds in rural areas
Cooperatives are a world-class business development tool for creating robust, sustainable communities. The Virginia Foundation for Agriculture, Innovation and Rural Sustainability (VA FAIRS) has been a key partner in efforts to better position more cooperatives and mutually owned businesses for success using Rural Business Development Grant funding to provide critical planning and technical assistance services.
Secretary Tom Vilsack’s USDA proclamation acknowledges the contributions of more than 30,000 cooperatives throughout the U.S., which account for more than 2 million jobs and generate more than $700 billion in annual revenue. USDA has been serving these member-owned groups for 98 years with cooperative statistics, research, technical assistance and informational products.
This year’s celebration comes on the heels of President Biden’s historic announcement of more than $7.3 billion in financing for rural electric cooperatives to build clean energy for rural communities through the Empowering Rural America (New ERA) program. Together, New ERA and other investments in rural clean energy in the President’s Inflation Reduction Act make up the largest investment in rural electrification and in electric cooperatives since the 1936 Rural Electrification Act.
USDA Rural Development offers a variety of financial assistance and services to assist rural businesses, including cooperatives and agricultural producers. View and visit USDA Rural Development Cooperative Services to learn more about cooperatives. Visit GovDelivery subscriber page to get USDA Rural Development updates.