USDA, Small Business Administration collaborate to help rural economies

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Yesterday the US Department of Agriculture and Small Business Administration signed a Memorandum of Understanding between the two agencies to promote stronger businesses and agricultural economies in rural America.

The agencies agreed on two specific purposes: increasing capital access and investments and assisting businesses in rural communities. They also want to help establish innovation clusters in rural areas to promote independent, small businesses start and thrive.

The agencies hope to improve financing opportunities for rural small businesses, which officials hope will translate to an improved quality of life throughout rural areas. The partnership between the two agencies will last for the next 5 years.