The Biden-Harris Administration is investing more than $1.2 billion in rural cooperatives to increase economic opportunity and advance equity in rural America

The Biden-Harris Administration is investing more than $1.2 billion in rural cooperatives to increase economic opportunity and advance equity in rural America

Denver, Inc., November 9, 2023 – USDA Secretary Tom Vilsack announced today that USDA is investing more than $1.2 billion in loans and grants to stimulate economic development, stimulate rural prosperity, and advance equity through rural cooperatives in 36 states and Puerto Rico. Last month, the USDA celebrated its 59th anniversaryy The annual National Cooperative Month and the vital role cooperatives play in helping people build bright futures in rural America.

“Cooperatives serve as one of our most important partners in providing vital goods and services to rural communities and are central to President Biden’s plan.” Investing in America “The agenda to rebuild the economy from the bottom up and from the middle out,” Secretary Vilsack said. “For more than a century, the cooperative business model has been integral to rural progress and the American economy, and today represents more than 2 million jobs across the country. The investments we are announcing today will ensure that cooperatives continue the important work of serving the unique needs of their communities, bridging Market gaps, local wealth building, and networking opportunities across rural America.

Secretary Vilsack made the announcement today during a roundtable with Colorado’s rural community and small business leaders, as administration officials travel the country as part of the Investing in Rural America series of events to highlight how the Biden-Harris Administration’s investments are bringing new revenue to farms and increasing economic development in cities and communities. Rural, more opportunities across the country.

Today’s announcement includes a total of $1.2 billion in awards that will support 112 projects in diverse communities and industries in Alabama, Alaska, Arizona, California, Colorado, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts and Michigan. , Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Puerto Rico. .

For example:

  • In the West, EHC Bullhead City LP secures a $10 million business and industrial loan guarantee to build a micro-hospital and urgent care facility in Bullhead City, Mohave County, Arizona. The facility will increase the availability of emergency room, urgent care, and hospital services in this rural community and create 40 jobs.
  • In the Midwest, Wayne-White Counties Electric Coop Inc. Obtained a $93,600 Rural Economic Development Loan to allow the Union Drainage District of Illinois to replace an old, inefficient wastewater pump and diesel engine. This investment will help protect more than 9,000 acres of farmland from floodwaters and make the agricultural economy more resilient to climate change.
  • In the north, Keystone Development Center (KDC) Inc. A $200,000 Rural Cooperative Development grant to improve the economic status and quality of life of rural communities in Pennsylvania, Delaware, New Jersey and Maryland. This investment will help KDC to host the Cooperative Academy and support the development of at least 17 collaborative projects.
  • In the South, the Mississippi Minority Farmers Alliance receives a $175,000 Socially Disadvantaged Groups grant to assist small, socially disadvantaged groups with farm business plans, leadership development, and strategic planning outreach activities that will strengthen the agricultural enterprises of 75 producers from six counties located in the Rural. Northeast Mississippi.

USDA makes investments through a range of commercial, utility, and cooperative programs and services such as the Business and Industry Loan Guarantee Program, the Electric Infrastructure Loan and Loan Guarantee Program, the Food Supply Chain Guaranteed Loan Program, the Rural Cooperative Development Grant Program, and the Rural Economic Development Program. The Development Loans and Grants Programme, the Socially Disadvantaged Groups Grants Programme, and the Value-Added Producers Grants Programme.

The full list of projects from today’s announcement is available online.

Background: Rural cooperatives

Cooperatives are businesses owned and controlled by the people who employ them. Cooperatives differ from other businesses because they are member-owned and operate for the benefit of the members, not to earn profits for investors.

Cooperatives are a time-tested, reliable, democratic business model that builds local wealth for members and communities. A cooperative, which is organized to meet the economic needs of its member owners, is a particularly flexible business. It embodies the concept of self-help: members use, own, and control the cooperative.

More than 30,000 cooperatives—including agricultural services, utilities, financial services, purchasing, food, grocery, housing, and retail associations—operate in 73,000 workplaces across the United States, represent more than 2 million jobs, and boast nearly 350 million jobs. Membership, generating more than $700 billion in annual revenue.

USDA Rural Development offers a variety of financial assistance and services to assist rural businesses, including cooperatives and agricultural producers. For more information about cooperatives, visit the USDA Rural Development Cooperative Services.

USDA touches the lives of all Americans every day in many positive ways. In the Biden-Harris Administration, USDA is working to transform the American food system with a greater focus on more resilient local and regional food production, fairer markets for all producers, ensuring access to safe, healthy, and nutritious food in all communities, and building new markets and channels. of income for farmers and producers who use climate-smart food and forestry practices, making historic investments in infrastructure and clean energy capacity in rural America, and committing to equity across the Department by removing systemic barriers and building a more representative workforce for America. To learn more, visit www.usda.gov.

Under 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; Living; community facilities such as schools, public safety, and health care; and high-speed Internet access in rural, tribal and high-poverty areas. For more information, visit www.rd.usda.gov.

To subscribe to USDA Rural Development updates, visit the GovDelivery subscribers page.

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USDA is an equal opportunity provider, employer and lender.

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