[title size=”1″ content_align=”left” style_type=”underline solid” sep_color=”#000000″ margin_top=”” margin_bottom=”” class=”” id=””]Rural infrastructure investments announced[/title][fullwidth background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” overlay_opacity=”0.5″ video_mute=”yes” video_loop=”yes” fade=”no” border_size=”0px” border_color=”” border_style=”” padding_top=”20″ padding_bottom=”20″ padding_left=”0″ padding_right=”0″ hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=””][fusion_text]
Wednesday, July 29th 2015
Agriculture Secretary Tom Vilsack announced the first round of investments in rural infrastructure projects through the U.S. Rural Infrastructure Opportunity Fund. Through the Fund and its expanded public-private partnerships, USDA has facilitated the investment of nearly $161 million in private capital 22 critical water and community facilities projects in 14 states, maximizing the impact of USDA’s own investments in job-creating rural infrastructure projects across the country. Strong, secure infrastructure-roads and bridges, but also internet access and community facilities like hospitals and schools-improves connectivity and access to information, moves products to market, and makes communities competitive and attractive to new businesses and investments. Investments include 11 community facilities projects in Colorado, Illinois, Minnesota, Mississippi, North Carolina, Pennsylvania, South Carolina, South Dakota and Wisconsin, including building new nursing homes, constructing new preschool and day care facilities, constructing a new facility for a rural ambulance service that covers a 685 square mile area in South Dakota, and building or upgrading two new critical access hospitals in rural Illinois and North Carolina. In addition, the Fund invested in 11 critical water projects in California, Kansas, Mississippi, North Dakota, Ohio, South Carolina, South Dakota and Texas. Projects include upgrades to existing water systems and the construction of a new reservoir. At least 38 additional critical infrastructure projects are in the pipeline for investment. The U.S. Rural Infrastructure Opportunity Fund is part of a broader effort across the Department to rethink how to best leverage private sector resources to revitalize and reenergize the rural economy. Last year, Secretary Vilsack announced the creation of a $150 million privately-funded Rural Business Investment Company (RBIC), which has already made three investments in rural businesses with high-growth potential. Earlier this year, Secretary Vilsack announced the launch of two additional new privately-funded RBICs, which will be run by Innova Memphis and Meritus Kirchner Capital. Once the capital has been raised, these companies will make equity investments in rural businesses with high-growth potential. Efforts like the Fund and the RBICs help to maximize USDA’s own portfolio of investments in rural development.
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