HR 5335 Expands Exceptions for First Time Farmers
Representative David Young (R-IA) has introduced a bill that will expand certain exceptions to private activity bond rules for first time farmers. H.R. 5335, which was drafted and first supported by the National Council of State Agricultural Finance Programs, would expand first time farmer exceptions through amendment of the Internal Revenue Code of 1986.
Senate Committee Discusses Farm Credit Reform
Representatives of the commercial banking industry claim that they are unable to compete, because of favorable components built in to the federal cooperative system. Those in support of federal assistance argue that commercial banks and the Farm Credit Services can, and do regularly work together to finance borrowers.
FSA to Provide $300M for Cotton Producers
The U.S. Department of Agriculture Farm Service Agency will provide an estimated $300 million in cost-share assistance payments to cotton producers through a new cotton ginning cost-share program intended to expand and maintain the domestic marketing of cotton.
TN Passes Rural Development Legislation
Gov. Bill Haslam signed into law the Rural Economic Opportunity Act, which gives $10 million to help rural communities develop industrial sites and tourism spots. The law also makes it easier for businesses moving to rural counties to receive tax credits for their move.
Hawaii Receives $500K for Rural Microloans
The USDA Rural Business-Cooperative has given $500,000 to the Feed the Hunger Foundation to make microloans to rural microentrepreneurs and microenterprises.
USDA Invests $5.8M to Support Small Businesses in 11 States
The U.S. Department of Agriculture awarded $5.8 million in grants and loans to support rural economic development projects and create jobs in 11 states including Arizona through its Rural Microentrepreneur Assistance Program (RMAP) and Intermediary Relending Program (IRP).
SMIF Creates Grow a Farmer Fund
The Souther Minnesota Initiative Foundation, in conjunction with Renewing the Countryside, announced the launch of the Grow a Farmer Fund. The fund will first be capitalized through donation-based fundraising efforts, and will eventually become a self-replenishing evergreen fund.
The REED Fund
Angie Neises of the Rural Electric Economic Development, Inc. describes the process of operating a loan fund for infrastructure and economic base improvement in rural areas.
Genesee Co, NY Launches Ag RLF
The Genesee County Economic Development Center has launched the GAIN Initiative for local farms and agribusinesses. The Initiative is designed to follow existing revolving loan funds that return investments directly back into a pool for the next round of projects. Projects can receive between $25,000 and $200,000 in gap financing at a 1 percent interest rate.
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