Lexington, Kentucky, Jul 09, 2013 -- USDA Rural Development State Director Thomas G. Fern has announced the approval of a $70,000 Rural Business Enterprise Grant (RBEG) for Morehead State University to help rural businesses in Kentucky with creating jobs and spurring economic growth. USDA remains focused on carrying out its mission, despite a time of significant budget uncertainty.
“Morehead State University’s Business Development Center is providing Kentucky businesses with critical expertise and training,” said Fern. “These funds will allow them to continue with providing these core resources for creating or expanding economic development throughout the region. USDA is proud to be a financial partner in this effort.”
USDA Rural Development funds will be used to enable Morehead State University’s Small Business Development Center to continue providing existing and potential businesses with critical guidance and comprehensive training in business ownership basics such as business planning, record keeping, financial analysis, capital formation and marketing. The efforts will help to create and/or save approximately 75 jobs within their 25-county service area..
USDA has several initiatives underway to support small businesses and the communities they serve. Altogether, USDA business and cooperative development programs have had a significant impact on rural communities – achieving record results under President Obama. Since 2009, USDA has provided more than 15,000 loans and grants through its business programs, helping more than 60,000 rural small businesses. For more information on USDA's business and cooperative development programs, visit http://www.rurdev.usda.gov/Business.html.
The funding announced today under the Rural Business Enterprise Grant program will help support the Obama Administration's vision by providing rural communities with resources to support small businesses, improve public facilities, and create new, sustainable jobs. Funding is contingent upon the recipient meeting the conditions for the grant.
President Obama's plan to revitalize the rural economy has brought about historic investment over the past four years – including in America's small towns and rural communities. USDA, through its Rural Development mission area, has a portfolio of programs designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
USDA has made a concerted effort to deliver results for the American people, even as USDA implements sequestration – the across-the-board budget reductions mandated under terms of the Budget Control Act. USDA has already undertaken historic efforts since 2009 to save more than $828 million in taxpayer funds through targeted, common-sense budget reductions. These reductions have put USDA in a better position to carry out its mission, while implementing sequester budget reductions in a fair manner that causes as little disruption as possible.