USDA to Boost Rural Economies with $1.4B

SDAThe U.S. Department of Agriculture (USDA) is investing $1.4 billion into rural economies. The types of aid provided will include job training, business loans as well as the expansion of technical assistance. Eight programs plan to deliver more than 751 awards across 49 states, intended to facilitate the creation of wealth across various rural communities. The programs are as follows:

• Business and Industry (B&I) Loan Guarantees
• B&I CARES Act Program
• 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
• Value-Added Producer Grants.

Some of the grants and loans will assist with critical needs such as housing, SMB expansion, family farm aid and support for new SMBs in smaller, rural communities across the U.S.

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The information contained in this article is intended for educational purposes and to provide a general understanding of regulatory events, legislative changes and the law – not to provide specific legal advice. Employers are advised to discuss and/or receive counsel from their licensed legal or accounting professional, prior to implementing any new policy or policy change.