Its to help support Small Business Development.
WASHINGTON, Dec. 06, 2022 – U.S. Department of Agriculture (USDA) Secretary Tom Vilsack today announced that the Department is investing $981 million to help create new and better market opportunities and expand essential services for rural people, businesses and entrepreneurs in 47 states, Guam and the Virgin Islands. Two economic development organizations in Delaware and Maryland will receive a total of $39,304.
“Rural people provide the everyday essentials our country depends on,” Vilsack said. “Under the leadership of President Biden and Vice President Harris, USDA is dedicated to helping people through job creation and expansion of entrepreneurial opportunities in the rural places they live. The partnerships we’re announcing today demonstrate USDA’s commitment to advocating for rural business owners and building brighter futures for everyone in rural America.”
USDA Rural Development Delaware and Maryland State Director David Baker said, “These USDA Rural Development funds will enable small and start-up businesses to receive technical assistance and advice as they start and expand their enterprise. This will help them succeed and improve job opportunities in rural Delaware and Maryland.”
In Delaware, First State Community Loan Fund, now known as True Access Capital, will receive a Rural Microentrepreneur Assistance Program Grant of $31,822. This Rural Development investment will be used to provide business based training and technical assistance to rural microenterprises and microentrepreneurs in rural Delaware (Kent, Sussex and New Castle counties). As a participating microlender, grant funds are made available to True Access Capital, formerly known as First State Community Loan Fund, annually based on lending activity and the availability of funding. Previous grant funds have supported this project and been matched with at least 15 percent from True Access Capital.
In Maryland, Eastern Shore Entrepreneurship Center will receive a Rural Microentrepreneur Assistance Program Grant in the amount of $7,482. This Rural Development investment will be used to provide business based training and technical assistance to rural microenterprises and microentrepreneurs on the Eastern Shore of Maryland. As a participating microlender, grant funds are made available to Eastern Shore entrepreneurship Center annually based on lending activity and the availability of funding. Previous grant funds have supported this project, and been matched with at least 15 percent from Eastern Shore Entrepreneurship Center.
The funding being announced today will help keep resources and wealth made by rural people right at home through affordable financing and technical assistance. It will help rural Americans start businesses and allow small business owners to grow. It will also open the door to new economic opportunities for communities and people who historically have lacked access to critical resources and financing.
