RD Announces $16.5M To Help Rural Idaho

USDA Rural Development announced Friday the investment of $16.5 million to help the rural Idaho economy. The funds will be used to help business owners, farmers and others hire more workers, to grow business and expand markets.

“For a while until now, rural Idaho hasn’t always been at the front of the line when it comes to receiving the help it needs to grow economically and to create good paying jobs for people in areas who need it most,” said RD State Director Rudy Soto. “These significant USDA investments throughout Idaho will serve as a major boost to help companies hire more workers and create opportunities for entrepreneurs, small businesses, and farmers so they can create lasting wealth that stays in our rural communities.”

The funding announced for Idaho totaled $16.5 million in the form of loans and grants through RD are for 17 projects throughout the state.  Some of those projects include:

Moscow – Business and Industry (B&I) Loan Guarantee program.  Palouse Ice Rink has been in the Moscow community for over 20 years and averages 35,000 patrons per year.  In partnership with Idaho Central Credit Union, this $1,500,000 B&I loan guarantee project will give them a full-size ice rink and locker rooms for the first time in their history, allowing them to grow to the next level of community impact with the ability to host tournaments for hockey, figure skating, etc. as well as expand their Science on Ice education program. This funding announced provides just over a quarter of the total project cost.  It is strong support from the community that makes up the remainder of the financing, including grants and capital campaign fundraising efforts.  This project will have multiple benefits to community users along with other businesses in the rural area.

Lewiston – Clearwater Economic Development Association (CEDA), Inc. was provided a $58,720 grant through the Rural Microentrepreneur Assistance Program (RMAP) to continue to administer a technical assistance program through which CEDA provides critical business planning, marketing, management, and financials like bookkeeping assistance to local businesses.  This has been a very effective partnership with CEDA and benefits the rural community.

Twin Falls – Region IV Development Association, Inc. The purpose of the Intermediary Relending Program (IRP) is to provide critical access to capital to rural businesses through the establishment of a Revolving Loan Fund (RLF) program to relend funds to rural businesses.  Through this IRP award, we provided a $1,000,000 loan to RIVDA to re-capitalize RIVDA’s RLF program.  This is a subsequent loan to RIVDA to provide additional capital for rural businesses in response to great demand and strong success by RIVDA in achieving the goals for the IRP program.

Rexburg – East-Central Idaho Planning & Development Association, Inc. (ECIPDA). Through the Rural Innovation Stronger Economy (RISE) program, RD provide grants to consortiums of local governments, investors, industry, institutions of higher education, and other public and private entities in rural areas. The RISE Grant Program meets a recognized need for federal support of jobs accelerator partnerships for the promotion of private investment in regional economies. The RISE grant of $1,247,312 to ECIPDA is to provide a portion of project funding to facilitate the construction of an Innovation Center to provide, in partnership with the College of Eastern Idaho, a place for the planning and creation of new ideas and opportunities for individual and group collaboration that leads to supporting deployment of innovative processes, technologies, services and products for economic development, with the purpose of facilitating jobs accelerator programs.

These awards announced are in programs that include B&I Loan Guarantees, which provided record-breaking investments in fiscal year 2021, and the B&I CARES Act Program, which has helped create thousands of jobs with funding from the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

These programs are part of a suite of business and cooperative services that are projected to help create or save more than 50,000 jobs in rural America through investments made in fiscal year 2021.

Click Here for a list of RD winners nationwide.

If you have a story idea for the PNW Ag Network, call (509) 547-1618, or e-mail gvaagen@cherrycreekmedia.com