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USDA fund to seek private funds for rural business

The USDA has begun a new $150 Million investment fund to grow small businesses in rural areas and create more jobs using public AND private funding.   Ag Secretary Tom Vilsack says the Rural Business Investment Company (RBIC) – involves pledges from eight Farm Credit institutions and will be managed by Advantage Capital Partners, “The bottom line here is about a new way to do business for government where we facilitate and bridge and leverage as opposed to solely relying on government financing to do it all.”

Vilsack says the fund will allow investments and job growth in rural businesses such as advanced energy production, food systems, bio-manufacturing and more by engaging private equity firms.

AUDIO: Radio Iowa’s Kay Henderson with Ag Secretary Tom Vilsack (3:00 mp3)