USDA invests $9.6M to expand market opportunities for businesses, people in rural Nevada
Submitted by Jeff Munson on Tue, 05/24/2022 - 9:27am
CARSON CITY — USDA Rural Development Nevada State Director Lucas Ingvoldstad announced Tuesday that the Department is investing $9.6 million to help create new and better market opportunities for rural businesses and people in Nevada.
“The two investments we’re announcing today are different from each other in program and purpose, however they represent the interest USDA has in ensuring Nevada’s rural economy thrives,” said Ingvoldstad. “Whether investing in entrepreneurship for new business or the growth of an existing one, we celebrate the economic strength of innovators and pacesetters in our small communities.”
Based out of Ely, Nevada, Rural Nevada Development Corporation will use a $250,000 loan through the Rural Microentrepreneur Assistance Program to support its efforts offering microloans to small businesses and entrepreneurs throughout rural Nevada. This nonprofit stands as an affordable business resource to organizations which support economic diversity and job growth.
In Mesquite, Nevada, Manas Mq LLC, through their lender Pacific Premier, will use the Business and Industry (B&I) Loan Guarantee Program to purchase a hotel which serves the highly visited Mesquite area and other southeast Nevada landmarks. This investment supports job growth and economic stability for the area.
Tuesday's announcement is part of a nationwide announcement in which USDA highlighted it is investing $770 million to help create new and better market opportunities for rural businesses and people in 36 states and Puerto Rico. The investments include $640 million for 122 projects to help people living in socially vulnerable communities.
The funding will help a diverse rural America keep resources and wealth right at home through job training, business expansion and technical assistance. It will help companies hire more workers and reach new customers. It will open the door to new economic opportunities for communities and people who historically have lacked access to critical resources and financing. It will also help entrepreneurs and business cooperatives create jobs, grow businesses, and find new and better markets for the items they produce.
Background:
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/nv.
