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(NAFB) – USDA Under Secretary for Rural Development Justin Maxson has said the Agriculture Department is on track to provide record support to rural revolving fund during 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. Investments under the Business and Industry Loan Guarantee Program and the CARES Business and Industry Program are expected to create or safeguard over 12,000 jobs for people living in rural areas.
USDA has invested $ 811 million under the business and industry loan guarantee program since the start of the current fiscal year. The aid has helped businesses create or save more than 6,000 jobs in rural areas. USDA has also invested $ 380 million in rural businesses through the Business and Industry CARES Act.
Maxson says, “The USDA remains committed to helping rural businesses create employment opportunities so rural Americans can build back better and stronger than ever. “
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