USDA Rural Development undersecretary Justin Maxson says the department of Agriculture is on track to provide record support of rural working capital in the current fiscal year. USDA has invested $1.2 billion in loan guarantees to help rural businesses in 41 states, Guam and the Virgin Islands.
The investments made through the Business and Industry Loan Guarantee Program and the Business and Industry CARES Act Program are expected to create or save more than 12,000 jobs for people in rural areas.
USDA has invested $811 million through the Business and Industry Loan Guarantee Program since the start of the current fiscal year. The assistance has helped businesses create or save more than 6,000 jobs in rural areas.
USDA also invested $380 million in rural businesses through the Business and Industry CARES Act Program. Maxson states, “USDA remains committed to helping rural businesses create job opportunities so rural Americans can build back better and stronger than ever before.”