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Nov. 10, 2023 Source: USDA news release DENVER, Co., Nov. 9, 2023 - U.S. Department of Agriculture (USDA) Secretary Tom Vilsack today announced that USDA is investing more than $1.2 billion in loans and grants to spur economic development, catalyze rural prosperity and advance equity through rural cooperatives in 36 states and Puerto Rico. Last month, USDA celebrated its 59th annual National Cooperative Month and the vital role cooperatives play in helping people build bright futures in rural America. "Cooperatives serve as one of our most important partners in delivering critical goods and services to rural communities and is central to President Biden's Investing in America agenda to rebuild the economy from the bottom up and middle out," Secretary Vilsack said. "For more than a century, the cooperative business model has been integral to rural advancement and the American economy, and today accounts for more than two million jobs across the country. The investments we are announcing today will ensure that cooperatives continue the important work of serving the unique needs of their communities, filling market gaps and building local wealth and opportunities for connection across rural America." Secretary Vilsack made today's announcement during a roundtable with rural community and small business leaders in Colorado, as officials from the Administration are traveling the country as part of the Investing in Rural America Event Series to highlight how the Biden-Harris Administration's investments are bringing new revenue to farms, increased economic development in rural towns and communities, and more opportunity throughout the country. Today's announcement includes a total of $1.2 billion in awards that will support 112 projects in diverse communities and industries in Alabama, Alaska, Arizona, California, Colorado, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Puerto Rico. A full list of projects from today's announcement is available online. Background: Rural Cooperatives Cooperatives are businesses owned and controlled by the people who use them. Cooperatives differ from other businesses because they are member owned and operate for the benefit of members, rather than to earn profits for investors. Cooperatives are a trusted, democratic, time-tested business model that builds local wealth for members and communities. Organized to meet the economic needs of its member-owners, a cooperative is a particularly resilient business. It embodies the concept of self-help: members use the cooperative, own it, and control it. More than 30,000 cooperatives - including agricultural, utility, financial services, purchasing, food and grocery, housing, and retail co-ops - operate at 73,000 places of business throughout the U.S., and account for more than two million jobs, boast about 350 million memberships, and generate more than $700 billion in annual revenue. USDA Rural Development offers a variety of financial assistance and services to assist rural businesses, including cooperatives and agricultural producers. For more information on cooperatives, visit USDA Rural Development Cooperative Services. Tweet |
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