Investments Will Help Create or Save More Than 365 Jobs in Rural Oregon
Portland, Aug. 24, 2021 – United States Department of Agriculture (USDA) Deputy Under Secretary for Rural Development Justin Maxson today announced that USDA is on track to provide a record level of support for rural working capital and other business capital needs in fiscal year 2021.
USDA has invested $1.2 billion in loan guarantees to help rural businesses in 41 states, Guam and the Virgin Islands. These investments – made through the Business and Industry Loan Guarantee Program and the Business and Industry CARES Act Program – are expected to create or save more than 12,000 jobs for people in rural areas.
“Under the leadership of President Biden, Vice President Harris and Agriculture Secretary Vilsack, USDA is expanding access to capital to prioritize rural economic development,” Maxson said. “As we continue to respond to the COVID-19 pandemic and restore the economy, USDA remains committed to helping rural businesses create job opportunities so rural Americans can build back better and stronger than ever before.”
In Oregon, USDA has invested $25.1 million through the Business and Industry (B&I) Loan Guarantee Program since the start of the current fiscal year. This assistance has helped businesses create or save more than 265 jobs in rural Oregon.
“USDA Rural Development is committed to improving the economic opportunities in rural Oregon,” said Jill Rees, Acting State Director. “Increasing access to business capital through loan guarantees enables commercial lenders to provide affordable financing for rural businesses is one way we are able honor that commitment and help improve the economic health for our rural communities.”
Today’s announcement highlights investments USDA has made in the first seven months of the fiscal year, which began on Oct. 1, 2020.