The U.S. Department of Agriculture (USDA) announced that it has provided a record-breaking amount of support for rural working capital and other business capital needs in fiscal year 2021. The department has invested $1.2 billion in loan guarantees to help rural businesses in 41 states, Guam and the Virgin Islands, according to a press release.
“Under the leadership of President Biden, Vice President Harris and Agriculture Secretary Vilsack, USDA is expanding access to capital to prioritize rural economic development,” said Deputy Under Secretary for Rural Development Justin Maxson, in a press announcement. “As we continue to respond to the COVID-19 pandemic and restore the economy, USDA remains committed to helping rural businesses create job opportunities so rural Americans can build back better and stronger than ever before.”
Read the entire announcement here.