Columbia, S.C, Dec. 07, 2022 – U.S. Department of Agriculture (USDA) Secretary Tom Vilsack 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. Over $37 million in loans and grants has been awarded to businesses and entrepreneurs located throughout South Carolina.
“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.”
“We are excited to announce that South Carolina received over $37 million in loans and grants in this round of funding,” said U.S. Department of Agriculture (USDA) Rural Development South Carolina State Director Dr. Saundra Glover. “We believe that these investments will create and save jobs for our citizens and help facilitate economic growth for rural South Carolina.”
The funding 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.
For example, in South Carolina:
- Decorum Walterboro LLC will use a $8,254,000 loan to provide financing for the purchase and improvements to a hotel. The hotel is located in Walterboro, South Carolina. This project will create three new jobs and save 10 jobs in the local area.
- Landrace Holdings LLC will use a $6,264,000 loan to purchase and install a 74.27 MWdc solar array. Landrace Holdings LLC is a newly created entity for the purposes of generating electricity in Horry County, South Carolina. The system is estimated to produce 137,217,693 kWh per year, which is enough electricity to power 12,662 homes.
- Sumter Propco LLC will use a $17,550,000 loan to acquire a 140 unit assisted living, memory care, and independent living facility, known as Covenant Place of Sumter Inc. This project will be beneficial by retaining 50 jobs in the local area.
- The Maximum Entertainment Group LLC will use a $5,114,000 loan to provide debt refinancing and business expansion and to add a go-kart amusement feature and miniature golf course at The Max Family Entertainment facility. This is a recently opened, locally owned and operated family entertainment center in Orangeburg, South Carolina. This project will save 27 jobs and create an additional 10 jobs in the local community.
- Clemson University will use a $199,697 grant to provide technical assistance to rural cooperatives and mutually-owned businesses throughout South Carolina for cooperative and enterprise development. It is anticipated that two new cooperatives will be created,10 existing cooperatives will participate in the training, and two jobs will be saved as a result of this project.
- The Beaufort County Black Chamber Commerce will use a $57,710 grant to provide training and technical assistance to microloan borrowers and microentrepreneurs located in the Lowcountry Region of South Carolina. This project is expected to provide technical assistance to at least 20 small businesses.
Background:
USDA is making 242 awards through eight programs specifically designed to create economic opportunities for people and businesses in rural areas. These programs are the Biofuel Producer Relief Payments Program, Business and Industry (B&I) Loan Guarantees, Community Facilities Guaranteed Loan Program, Rural Cooperative Development Grant Program, the Rural Economic Development Loan and Grant Program, Rural Innovation Stronger Economy Grants program, the Rural Microentrepreneur Assistance Program and the Water and Waste Disposal Loan Guarantees.
The awards are being made in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Washington, Wisconsin, West Virginia, Wyoming, Guam and the Virgin Islands.
USDA touches the lives of all Americans each day in so many positive ways. In the Biden-Harris Administration, USDA is transforming America’s food system with a greater focus on more resilient local and regional food production, fairer markets for all producers, ensuring access to safe, healthy and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate-smart food and forestry practices, making historic investments in infrastructure and clean-energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America. To learn more, visit www.usda.gov.
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 www.rd.usda.gov.
To subscribe to USDA Rural Development updates, visit GovDelivery subscriber page.
#
USDA is an equal opportunity provider, employer, and lender.