Agriculture Secretary Tom Vilsack provided highlights of USDA Rural Development fiscal year (FY) 2011 investments in job-creating businesses, infrastructure and housing for Americans living in rural communities across the nation. According to estimates, Rural Development investments created or saved about 440,000 jobs last year.In the federal fiscal year that ended on September 30, Vilsack said Rural Development, through its Business, Cooperative, Utilities and Housing programs provided housing opportunities for over 143,000 families, upgraded community facilities, boosted the reliability of the electric grid, funded renewable energy projects, and through the Community Connect and other broadband programs supported efforts to provide affordable, reliable Internet service to rural homes.
The largest portion of FY 2011 funding, 63%, supported fee-generating loan guarantees that enabled private lenders to safely increase the pool of capital available in rural areas for credit-worthy businesses, communities and homebuyers, without direct cost to the Government. For example, in Indiana, Morris Manufacturing and Sales Corp., a family-owned auto parts maker, used USDA business loan guarantees to restructure debt and expand. As a result, the firm rehired 100 laid-off workers and hired 44 additional workers.
About 34% of Rural Development investments last year were made in the form of secure, affordable direct loans that will be paid back to the government, with interest. Through its Rural Utilities programs Rural Development provided more than 800 direct loans to help small communities install or upgrade water systems, dispose of waste and upgrade landfills to protect environmental quality. USDA also provided technical assistance and training grants to communities to ensure that the newly installed systems are maintained.
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