Agriculture Secretary Tom Vilsack on Wednesday announced $1.4 billion in grants and loans to businesses and other entities in rural areas that he said have been hurt by the nation’s “extraction economy.” “Resources are taken from rural lands only to create jobs and economic opportunity in urban and suburban areas,” he said. Vilsack said the department instead wants to support “a circular economy, where value is added closer to home, so the wealth created in rural areas stays in rural areas.” The 751 grants and loans in 49 states, Puerto Rico and the Virgin Islands, he said, are intended to bolster businesses in rural areas that have often been historically neglected from receiving federal help. The awards are being made through eight rural economic development programs, including Business and Industry Loan Guarantees, and a related CARES Act Program.
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