U.S. Agriculture Secretary, Tom Vilsack announced the first investments in rural infrastructure projects through the U.S. Rural Infrastructure Opportunity Fund.

 

“USDA and other agencies invest in infrastructure through a variety of federal initiatives, but our resources are finite and there are backlogs of projects in many parts of the economy,” said Tom Vilsack, U.S. Department of Agriculture Secretary and Chair of the White House Rural Council. “Efforts like the Fund help encourage substantial private investment in even more projects that help to grow the rural economy and support rural communities where people want to live, work and raise their families.”

 

In association with its public-private partnerships, the fund has facilitated the investment of almost $161 million in 22 water and community facilities projects across 14 states. These investments include 11 community facility projects in Colorado, Illinois, Minnesota, Mississippi, North Carolina, Pennsylvania, South Carolina, South Dakota, and Wisconsin, and 11 water projects in California, Kansas, Mississippi, North Dakota, Ohio, South Carolina, South Dakota, and Texas.

 

The U.S. Rural Infrastructure Opportunity Fund is part of a larger initiative by the USDA to promote investment and support the best use of private sector resources to revitalize rural economies. Last year the USDA announced the formation of a $150 million privately-funded Rural Business Investment Company (RBIC), which has allocated investments to three rural business, and earlier this year the agency announced the formation of two additional RBICs which will be managed by Innova Memphis and Meritus Kirchner Capital. Once the fund reach their corpus goals, the companies will make equity investments in rural business that display a high potential for growth.