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USDA announces loan guarantees for rural businesses

Friday, October 23, 2009

Some rural businesses are getting loans guaranteed by the USDA.
Some rural businesses are getting loans guaranteed by the USDA.

Recently, the U.S. Department of Agriculture (USDA) announced millions of dollars in loan guarantees through the American Recovery and Reinvestment Act (ARRA), which could help some people purchase agriculture equipment.

Through the USDA's Rural Development's Business and Industry Guaranteed Loan Program, 20 rural businesses will receive $71.7 million in loan guarantees. In all, $1.7 billion is available through the program.

"The Recovery Act funds announced today will help businesses get access to the capital they need to launch and expand their businesses and help bring additional jobs to America's small cities and towns," U.S. Secretary of Agriculture Tom Vilsack said recently.

One example of a business that will be aided by the loan guarantees is a gate and mounting-system company located in Georgetown, South Carolina. The USDA program is guaranteeing a loan of $3 million for the company, which it will use to purchase equipment and restructure debt.

Along with the funds for rural businesses, the USDA recently announced health care projects in rural areas are going to get money from the ARRA. Through the money, 36 rural community projects, many of which involve health care, will get $30 million.

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