Obama Administration to invest over $2 Billion in Rural Small Businesses

By Agri-Pulse staff

© Copyright Agri-Pulse Communications, Inc.



WASHINGTON, June 11-President Obama announced that new financing will be allocated to help rural small businesses expand and hire via the Small Business Investment Company (SBIC). In addition, the White House released a new report, “Strengthening Rural Communities: Lessons From a Growing Farm Economy” which details the progress that has been made in the agricultural economy.

“As we continue to fight our way back from the deepest economic crisis in generations and build an economy that lasts, rural America is helping to lead the charge,” said President Obama.  “On farms and ranches; in towns and communities across this country, rural Americans know that we are stronger as a people when everybody gets a fair shot, everyone does their fair share, and everyone plays by the same rules.  Those are the values we need to return to, and as long as I'm President, my Administration will continue to give our rural communities the support and investment they need to show us the way.”

President Obama announced that nearly $2 billion in additional funding will be devoted to the Small Business Administration's Small Business Investment Company (SBIC) program which has already received more than $400 million this fiscal year. These investments are slated to help finance, grow, and modernize rural small business operations over the course of the next four fiscal years. (Ending September 30th 2016) Details of the locations, amounts and industries in which these dollars have been invested to date can be found HERE.

Additionally, the Council of Economic Advisers, the White House Rural Council and the U.S. Department of Agriculture are releasing a joint report, which notes progress that has been made in the agricultural economy and details steps the Obama Administration has taken to help strengthen the farm economy and support jobs and growth in rural America. To read the full report, click HERE.
 

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