Wednesday, Jun 26 2013 2:14PM
USDA funding may help several small businesses in rural states take advantage of new ventures and opportunities.
The U.S. Department of Agriculture (USDA) has extended more than $37 million to small businesses in 10 states to help them maintain or grow their operations.
The funds were made available through the Business and Industry Guaranteed Loan program, which is designed to help rural businesses gain access to new capital ventures and continue contributing to economic community development in rural locations. For example, Utah received $600,000 under the program to help a local bed and breakfast maintain its operations.
"The lifeblood of any successful business is access to capital," said Agriculture Secretary Tom Vilsack. "USDA Rural Development's Business & Industry Guaranteed Loan program plays a major role in helping qualified firms and organizations in rural areas gain access to the capital they need to start or expand their enterprises."
Recently, the Appalachian Regional Commission and the Tennessee Valley Authority commissioned a study that found that rural business "incubation" programs, which help small businesses develop workable models, are crucial to building sustainable companies, creating jobs and building vibrant small communities, according to Athens News. In addition, sufficient funding through these models coupled with a viable business program also allows small companies in rural areas to move beyond their geographic areas and compete in niche markets, the study found.
For more information, check out this resource: The U.S. Department of Agriculture