Friday, Sep 16 2011 3:19PM
USDA's loans will help rural businesses in states nationwide with development and, in turn, allow them to increase hiring.
Business development organizations in 40 states and Puerto Rico will receive nearly $15 million in grants from the U.S. Department of Agriculture (USDA) as part of its latest round of funding, the agency announced recently.
The funding will come from USDA Rural Development's Rural Business Enterprise Grants program and its Intermediary Relending Program (IRP), and will be used to help create employment opportunities in rural industries and expand businesses.
"The Obama Administration and USDA are committed to helping rural small businesses grow, and to providing the technical support needed to spark sustainable job creation," said Vilsack. "The funds being provided today will foster an environment to create jobs in every part of the country."
Many of the organizations which will receive the grants are in western states, including California, Alaska, Utah, Oregon, Washington, New Mexico and Montana. Rural Community Assistance Corporation received an IRP loan to assist with local business and community development in these states as well as others in the West.
The rural unemployment rate in the U.S. remained high in July. Citing statistics from the Department of Labor, the Daily Yonder reports the nation's rural jobless rate in July was 9.1 percent.