The U.S. Department of Agriculture (USDA) established a new investment fund, Rural Business Investment Company (RBIC), to help small business grow across rural America. As part of the White House Rural Council’s “Made in Rural America” export and investment initiative, the new fund will now allow the agency to facilitate private equity investments in agriculture-related businesses, according to USDA.
Nearly $150 million will be invested in the new effort to create growth and job opportunities in rural areas, with an emphasis on smaller enterprises. Eight Farm Credit institutions are providing the initial investments in the RBIC fund, including the Farm Credit Bank of Texas located in Austin.
This new fund will allow innovative small businesses throughout rural America to access the capital they need to grow and create jobs, said Secretary of Agriculture Tom Vilsack. One of USDA’s top priorities is to help reenergize the rural economy, and we now have a powerful new tool available to help achieve that goal. This new partnership will allow us to facilitate private investment in businesses working in bio-manufacturing, advanced energy production, local and regional food systems, improved farming technologies and other cutting-edge fields.