Agriculture Secretary Vilsack Announces Rural Economic Development Funding
Support Will Create and Retain Employment in Rural America
WASHINGTON, October 18, 2012 – Agriculture Secretary Tom Vilsack today announced the selection of 112 recipients in 38 states, Washington, DC, and the Western Pacific for loans and grants to help spur economic development and create or save jobs.
“These awards illustrate the broad impact that USDA Rural Development’s assistance has on small towns and rural communities,” Vilsack said. “Whether the funding is given directly to individuals or businesses, or indirectly through utilities and other intermediaries, the results are the same: new jobs, stronger economies and more vibrant communities.”
USDA Rural Development is providing assistance through several loan and grant programs. Two grants have been awarded in Utah through the Rural Business Opportunity Grant (RBOG) program. The Rural Community Assistance Corporation (RCAC) will receive $63,900. Funds will be used to provide technical assistance to the Confederated Tribes of the Goshute Reservation to prepare a renewable energy opportunity analysis, exploring the Tribe’s wind and solar energy options. The second RBOG is awarded to Sevier County, where $14,000 in grant funds will be used to complete regional economic and industry analysis for six to eight central Utah counties. The study will identify ways to strengthen existing industries and identify potential industries.
Secretary Vilsack also announced today the selection of 35 organizations for Rural Cooperative Development grants to provide technical and business development assistance in rural areas. For more information about the Rural Cooperative Development Grant program, please visit http://www.rurdev.usda.gov/BCP_RCDG.html. Under the Rural Economic Development Loan and Grant (REDLG) program, utilities receive zero-interest loans that they pass through to local businesses for projects to create and retain employment in rural areas. For more information about the REDLG program, please visit http://www.rurdev.usda.gov/BCP_redlg.html.
With today’s announcement, USDA is investing more than $20 million to spur economic growth. For a complete list of recipients that have been selected for funding, go to (http://www.rurdev.usda.gov/SupportDocuments/rdEconomicDevNRCHARTOct2012.pdf). Funding is contingent upon the recipient meeting the terms of the loan or grant agreement.
President Obama's plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President's leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America's economy and strengthening small towns and rural communities. USDA's investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Tom Vilsack are committed to a smarter use of existing Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA, through its Rural Development mission area, has an active portfolio of more than $170 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.