USDA and Council on Foundations agree to work together to help the rural economy

Many rural advocates have bemoaned the shortage of philanthropy in rural America. The U.S. Department of Agriculture and the Council on Foundations recently signed a memorandum of understanding to encourage economic growth in rural America through creation of new sources of capital, job opportunities, workforce investment strategies, and additional resources, the USDA announced in a release.

USDA and the council will survey existing economic opportunities, link complementary resources and coordinate common agendas, in an effort to improve the quality of life in rural America by providing basic services and giving businesses the tools necessary to compete and create jobs. "While the government can provide critical assistance," Agriculture Secretary Tom Vilsack said in a speech to philanthropists last month, "more can be done if the government more effectively partners with the philanthropic community and the private sector."

Among government efforts to help rural economics, President Obama also announced the U.S. Small Business Administration and USDA will host conferences on rural private equity and venture capital nationwide to connect private equity and venture capital investors with new rural businesses. (Read more)