USDA invests $23.2M in Wyoming businesses
The U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced Feb. 9 an investment of $1.4 billion to help a diverse rural America keep resources and wealth through job training, business expansion and technical assistance.
Wyoming receives funding
Nine Wyoming businesses and organizations received a total of $23.2 million in funding.
“Supporting our rural businesses and agricultural producers is so important,” said Janice Blare, Wyoming acting state director. “The recent funds awarded in Wyoming will allow for job creation or retention, while ensuring revenue streams continue.”
USDA recently invested $20.83 million in five Business & Industry Loan Guarantees (B&I).
Three Wyoming agricultural operations received Value-Added Producer Grants totaling $575,000, creating 23 jobs statewide. Grant funds will be used to process, package, advertise and market products, as well as conduct a third-party feasibility study for a new organic processing facility. All grants will increase the customer base and generate additional revenue for the producers.
In addition, Central Wyoming College received one of 10 Rural Innovation Stronger Economy (RISE) grants awarded nationally. The grant will fund the Bootstrap Innovation Center in Riverton, which will focus on industrial clusters specific to Wyoming and Fremont County in particular. These include agriculture/equine, tourism, hospitality, light manufacturing and healthcare sectors.
The funding announced will help people and businesses in diverse communities and industries throughout 49 states, the Virgin Islands and Puerto Rico.
The funds will help companies hire more workers and reach new customers, opening the door to new economic opportunities for communities and people who historically have lacked access to critical resources and financing.
In addition, funds will help entrepreneurs, business cooperatives and farmers in nearly every state create jobs, grow businesses and find new and better markets for the items they produce.
Vilsack highlighted 751 investments USDA is making in eight programs specifically designed to create economic opportunities for people and businesses in rural areas. These programs include Business and Industry Loan Guarantees, which provided record-breaking investments in Fiscal Year 2021 and the B&I CARES Act Program, which helped create thousands of jobs with funding from the Coronavirus Aid, Relief and Economic Security (CARES) Act.
Programs also include RISE Grants, Rural Economic Development Loan and Grant Program, Rural Cooperative Development Grant Program, Rural Microentrepreneur Assistance Program, Intermediary Relending Program and Value-Added Producer Grants.
These programs are part of a suite of business and cooperative services projected to help create or save more than 50,000 jobs in rural America through investments made in Fiscal Year 2021.
The awards Vilsack announced are being made in 49 states, Puerto Rico and the Virgin Islands.
Under the leadership of the Biden-Harris administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas.
This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, Tribal and high-poverty areas.
The USDA Rural Development is prioritizing projects that will support key priorities under the Biden-Harris administration to help rural America build back better and stronger.
This article is courtesy of USDA Rural Development. For more information, visit www.rd.usda.gov. Send comments on this article to firstname.lastname@example.org.