USDA FUNDING AVAILABLE FOR SMALL BUSINESSES

USDA FUNDING AVAILABLE FOR SMALL BUSINESSES

Federal funding for grants and loans was made available for rural small businesses.

“This new program will help provide access to capital, business-based training and technical assistance to the smallest of small businesses,” stated Agriculture Secretary Tom Vilsack. “We need to embrace new strategies to help create a thriving rural economy.”

Grant County and Adams County are considered rural areas, according to Phil Eggman, an agency spokesperson.

Small businesses are encouraged to apply for the funding, which totals $45.1 million for fiscal year 2010.

Of that amount, $36.2 million is used for loans, $7.6 million is designated for micro-lender technical assistance grants and $1.3 million is available for technical assistance-only grants.

Eggman said $50,000 or less is considered a microloan.

The funds are made available through the 2008 Farm Bill.

For application information, visit: http://edocket.access.gpo.gov/2010/pdf/2010-13380.pdf