United States Department of Agriculture Acting Wyoming State Director Janice Blare recently announced that USDA has provided support for rural working capital in fiscal year 2021.
The Department recently invested over $1.43 million in loan guarantees to help two rural businesses in Wyoming. First Utah Bank provided a $1.24 million loan for the purchase of a motel in southwest Wyoming, and Jonah Bank of Wyoming provided a $187,500 loan for the purchase of a meat processing facility in central Wyoming. These investments – made through the Business and Industry Loan Guarantee Program – are expected to save 20 jobs.
“Two Wyoming businesses recently received loan guarantee funds to help them stay afloat during these difficult times,” Blare said. “Creating and saving jobs is important for our local economies, especially in our rural areas. We appreciate the relationships we have with our lenders who help make this support possible.”
USDA has invested $45.8 million in Wyoming through the Business and Industry Loan Guarantee Program since the start of the current fiscal year. This assistance has helped businesses create or save more than 660 rural jobs.
Investments under the B&I program are 36% higher than they were this time last year. Applications have increased by 44%. These increases are due in part to a series of program improvements USDA adopted under the new OneRD Guarantee Loan Initiative.
This initiative increased the USDA loan guarantee to 80% for investments greater than $5 million. The previous guarantee percentages were 70% for loans less than $10 million and 60% for loans greater than $10 million. This improvement has made the program more attractive to capital-intensive businesses such as manufacturing companies.
USDA also invested $380 million in rural businesses through the Business and Industry CARES Act Program, which was established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This assistance has helped rural businesses create or save more than 6,000 jobs in rural areas.
These investments are helping rural businesses and workers in Alaska, Alabama, Arkansas, Arizona, California, Colorado, Delaware, Florida, Hawaii, Georgia, Iowa, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Montana, Mississippi, North Carolina, North Dakota, Nebraska, New Jersey, New York, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Vermont, Virginia, Washington, Wisconsin, West Virginia, Wyoming, Guam and the Virgin Islands.
Under the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, tribal and high-poverty areas. For more information, visit rd.usda.gov/wy. If you’d like to subscribe to USDA Rural Development updates, visit our GovDelivery subscriber page.