Agriculture Secretary Tom Vilsack today announced that USDA is investing in rural businesses to help create jobs and spur economic development.
"These investments will help businesses expand, help rural communities grow their economies and help support the community-based development goals of the Obama administration," Vilsack said. "USDA is providing loans and grants to our local partners who can leverage this money with funds from other sources for projects that will have broad economic impacts.
The funding is being provided through USDA's Rural Economic Development Loan and Grant (REDLG) program. Under this program, USDA provides zero-interest loans to utilities that lend funds to local businesses for projects to create and retain employment in rural areas. These revolving loan funds broaden the program's reach and create a multiplier effect for its impact.