U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced that his 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.
“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.”
The funding is said to help keep resources and wealth made by rural people right at home through affordable financing and technical assistance. It is also said to help rural Americans start businesses and allow small business owners to grow and open the door to new economic opportunities for communities and people who historically have lacked access to critical resources and financing.
Locally this includes $6.3 million in a Business and Industry Loan Guarantee that will be used to acquire an existing hotel in Ocean Shores. The project is expected to result in saving eight jobs and creating one full time job.
Within Washington, there were nearly $46 million in funding awards.
| Program | Recipient | Loan | Grant | Project Description |
| Business and Industry Loan Guarantees | Marathon Enterprises Inc. | $6,300,000 | This Rural Development investment will be used to fund the acquisition of an existing hotel. Marathon Enterprises Inc. is located in Ocean Shores, Grays Harbor County, Washington. The project is expected to result in saving eight jobs and creating one full time job. | |
| Business and Industry Loan Guarantees | IH Palace LLC | $4,320,000 | This Rural Development investment will be used to assist in the purchase acquisition of the Palace Hotel located in Port Townsend, Jefferson County, Washington. This project will create two new jobs and save eight jobs. | |
| Business and Industry Loan Guarantees | RP Hotels Sunnyside LLC | $3,513,000 | This Rural Development investment will be used to assist in the business acquisition of the Rodeway Inn, located in the rural town of Sunnyside, Washington. This loan will save six jobs and will add two new jobs | |
| Business and Industry Loan Guarantees | SHM Group LLC | $6,210,000 | This Rural Development investment will be used to refinance debt for the purchase acquisition of the Silverdale Quality Inn located in Silverdale, Washington. This loan will save 14 new jobs. | |
| Business and Industry Loan Guarantees | Whitehorse Timber SPC | $25,000,000 | This Rural Development investment will be used to finance the acquisition and installation of sawmill, kiln, boiler and other equipment to be used in the manufacturing of engineered wood products, primarily cross-laminated timber and glue-laminated timber for the building construction industry. This loan will assist in creating 59 jobs in the community of Darrington, Washington in Snohomish County. | |
| Rural Cooperative Development Grants | Northwest Agriculture Business Center | $200,000 | This Rural Development investment will be used to provide technical assistance that will deliver cooperative development services to new clients and projects in Grays, King, Lewis, Mason, Pacific, Pierce, San Juan, Skagit, Snohomish, Thurston and Whatcom Counties. The business and cooperative development center will continue providing services and focus on strategies to support rural workforce, economic development and respond to the challenges created by the COVID-19 pandemic. This project is expected to create 10 jobs, and save 20 jobs. | |
| Rural Cooperative Development Grants | Northwest Cooperative Development Center | $200,000 | This Rural Development investment will be used to assist Northwest Cooperative Development Center reopen and rebuild local economies through the creation and retention of cooperatives. This project will convene network cooperatives to encourage collaboration and mutual support, assist leaders in understanding, and improving their physical conditions and capital investments, and innovate in the methods and processes for delivering quality technical assistance efficiently to growing audiences. Four jobs will be created and 62 jobs will be saved | |
| Rural Microentrepreneur Assistance Program | Enterprise For Equity | $4,651 | This Rural Development investment will be used to provide technical assistance to rural microentrepreneurs, primarily in Thurston, Mason, Lewis, Pacific, and Grays Harbor Counties. Technical assistance efforts on the part of the grantee are intended to promote small business growth and development in rural communities, leading to the creation and retention of 22 jobs. | |
| Rural Microentrepreneur Assistance Program | Seattle Economic Development Fund | $40,612 | This Rural Development investment will be used to help fund training and technical assistance efforts for rural farmers, prospective rural farmers, and food businesses in Skagit County. This project will support technical assistance services, including free one-on-one business coaching, ondemand business training tailored to the food and farm industry, access to capital, market connections, and referrals to other business support centers. | |
| Rural Microentrepreneur Assistance Program | Tri County Economic Development Nonprofit Corporation | $44,739 | This Rural Development investment will be used to provide technical assistance to rural microentrepreneurs, primarily in Ferry, Pend Oreille and Stevens Counties. Technical assistance efforts on the part of the grantee are intended to promote small business growth and development in rural communities, leading to job creation and personnel retention |
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 (PDF, 112 KB), 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.
