The U.S. Department of Agriculture announced Monday the formation of a $150 million
Rural Business Investment program designed "to provide investment capital to help small
agriculture-related business in rural areas with cash needed to expand," David Pitt reports for The Associated Press. As part of the program the USDA has created the Rural Business Investment Co., "a for-profit firm licensed by the USDA to invest in businesses that
otherwise might not have the capital to increase business opportunities."
The Rural Business Investment Co. receives money from Farm Credit Banks and sets up an investment capital fund "that will be managed by Advantage Capital Partners, a New-Orleans-based firm with experience in investing in small rural businesses," Pitt writes. Money comes from eight Farm Credit banks headquartered in Minnesota, Texas, Colorado, Nebraska and Kentucky. The USDA is seeking applications from more companies, which "must be newly formed for-profit venture capital companies seeking to be licensed as an RBIC and intending to raise a minimum of $10 million in private equity capital." (Read more)
The Rural Business Investment Co. receives money from Farm Credit Banks and sets up an investment capital fund "that will be managed by Advantage Capital Partners, a New-Orleans-based firm with experience in investing in small rural businesses," Pitt writes. Money comes from eight Farm Credit banks headquartered in Minnesota, Texas, Colorado, Nebraska and Kentucky. The USDA is seeking applications from more companies, which "must be newly formed for-profit venture capital companies seeking to be licensed as an RBIC and intending to raise a minimum of $10 million in private equity capital." (Read more)
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