partment of Agriculture (USDA) has announced a new investment fund to facilitate private equity investments in agriculture-related businesses.The new Rural Business Investment (RBIC) will help USDA in providing funds to grow small businesses and create jobs in rural America.
Advantage Capital Partners will manage the new fund, while its partners from eight Farm Credit institutions will invest around $150m into the new effort.
The fund is being formed under the USDA's Rural Business Investment Program (RBIP). USDA uses RBIP to license funds to invest in enterprises that will create growth and job opportunities in rural areas.
USDA agriculture secretary Tom Vilsack said the new fund will allow innovative small businesses throughout rural America to access the capital they need to grow and create jobs.
"One of USDA's top priorities is to help reenergize the rural economy, and we now have a powerful new tool available to help achieve that goal," Vilsack added.
