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Over $1 billion invested in rural cooperatives by USDA

In a landmark initiative, the U.S. Department of Agriculture (USDA) has announced an investment exceeding $1.2 billion to empower rural cooperatives. This funding, part of the administration's commitment to rural America, is set to catalyze economic development and promote equity in rural communities across 36 states and Puerto Rico. 

Tom Vilsack emphasized the role of cooperatives as crucial partners in serving rural America. The investment marks a continuation of the Administration's strategy to rebuild the economy inclusively and sustainably. 

The announcement, part of the Investing in Rural America Event Series, highlighted the Administration's dedication to rural economic development. The funding will support diverse projects across the country, each tailored to the unique needs of its community. 

Examples include: 

  • West: In Arizona, a $10 million loan will establish a micro-hospital, enhancing healthcare access and creating jobs. 

  • Midwest: In Illinois, a $93,600 loan will upgrade agricultural infrastructure, protect farmland and support climate resilience. 

  • North: Pennsylvania's Keystone Development Center receives $200,000 to support rural cooperative development. 

  • South: Mississippi's Minority Farmers Alliance is granted $175,000 to aid agricultural enterprises and leadership development. 

 

The investment spans various USDA programs, such as the Electric Infrastructure Loan and Value-Added Producer Grant Programs. These initiatives align with the USDA's broader objectives of building resilient local food systems, creating fair markets, and ensuring equitable access to resources. 

Cooperatives, a business model focused on member ownership and benefits, play a vital role in the U.S. economy. They provide essential services in agriculture, utilities, and more, contributing significantly to job creation and revenue generation. 

This financial commitment by the USDA, through Rural Development, is a significant step in supporting infrastructure improvements, business development, and high-speed internet access in rural areas. This investment symbolizes a significant advancement in enhancing the economic and social fabric of rural America, paving the way for a more prosperous and equitable future in these communities. 

Source : wisconsinagconnection

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