Many businesses in the region will benefit from a $1.4 billion investment from the United States Department of Agriculture.
The funding is designed to retain resources and wealth in rural America through skills training, business expansion and technical assistance. The investments are part of business and cooperative services that are expected to help create or save more than 50,000 jobs in rural America through investments made in fiscal year 2021.
“For some time, rural America has been at the mercy of an extractive economy, where resources are taken from rural lands only to create jobs and economic opportunity in urban and suburban areas,” said USDA Secretary Tom Vilsack in a statement. “That’s why the USDA is committed to doing what we can to transform this extractive economy into a circular economy, where value is added closer to home, so that the wealth created in areas rural stays in rural areas.”
More than $59 million is invested in Oklahoma through business and industry (B&I) loan guarantees.
Investments in the area include $14 million for Johnson Enterprises Holding Co. in Muskogee and $8.8 million for Floyd’s RV in Glenpool. Redbud Marina and RV Park in Rogers County is receiving $2 million.
Other USDA programs related to its investment are RISE (Rural Innovation Stronger Economy) Grants, Rural Economic Development Loans and Grants Program, Rural Cooperative Development Grants Program, assistance to rural microentrepreneurs, the intermediate loan program and subsidies to value-added producers.
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