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USDA announces rural business development funds
Secretary of Agriculture Ann M. Veneman on June 8 announced the selection of 84 applicants in 30 states that will receive approximately $11.8 million in grants for business development and job creation. The funds support President Bush's efforts to create jobs and improve economic opportunities in rural areas.
"These grants reflect the Bush Administration's ongoing commitment to supporting America's rural communities," said Veneman. "The funds will bring new economic vitality to under-served areas so that they can provide more job opportunities and needed services to residents."
Two types of business grants are being awarded through USDA Rural Development to finance or develop small and emerging businesses for the targeted areas and Tribal organizations. They are: Rural Business Enterprise Grants, which can be used for a variety of purposes, including technical assistance, machinery and equipment purchases, revolving loan fund creation, and building construction, and; Rural Business Opportunity Grants, which help sustain economic development in communities with exceptional needs by supporting their economic planning, technical assistance and business training costs. Of the approximately $11.8 million announced, USDA Rural Development will provide more than $7.9 million to high poverty rural communities and more than 3.8 million to Tribal organizations.
Funding of selected applicants will be contingent upon meeting the conditions of the grant agreement. A list of the individual awards can be found at www.rurdev.usda.gov/rd/newsroom/news.htm.
Date: 6/24/04
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