The Clinton Herald, Clinton, Iowa

State News

April 21, 2014

USDA establishes rural business investment program

DES MOINES — The U.S. Department of Agriculture announced Monday a new $150 million program designed to provide investment capital to help small agriculture-related business in rural areas with cash needed to expand.

Secretary of Agriculture Tom Vilsack announced in Cedar Rapids the formation of the first Rural Business Investment Company, a for-profit firm licensed by the USDA to invest in businesses that otherwise might not have the capital to increase business opportunities.

The USDA traditionally has offered guaranteed loans or direct loans for rural businesses. The creation of the Rural Business Investment Company is a new way for USDA to establish a licensing procedure that makes Farm Credit bank funds available as investment capital. The banks cannot directly hold ownership stakes in companies through capital investment.

Under the new program the government has created a new business entity, the Rural Business Investment Company, to receive money from Farm Credit banks and set up an investment capital fund. The money will be managed by Advantage Capital Partners, a New-Orleans-based firm with experience in investing in small rural businesses. Advantage Capital will choose the companies in which the new funds will be invested.

The money comes from eight Farm Credit banks. Three in Minnesota include AgStar Financial Services in Mankato, AgriBank of St. Paul, and United Farm Credit Service in Willmar. Two in Texas are Capital Farm Credit in Bryan and Farm Credit Bank of Texas in Austin. Others are CoBank in Denver, Colorado; Farm Credit Services of America in Omaha, Neb.; and Farm Credit Services of Mid-America in Louisville, Kentucky.

In addition to the creation of the first Rural Business Investment Company announced Monday, the USDA is seeking applications for more. The businesses must be newly formed for-profit venture capital companies seeking to be licensed as an RBIC and intending to raise a minimum of $10 million in private equity capital.

Text Only
State News
  • Advocates hope for broader medical marijuana law

    A narrowly focused medical marijuana law just took effect in Iowa, but advocates are already looking to see how they can expand access to the drug for the chronically ill.

    July 27, 2014

  • Foreman calls Iowa murder case a 'slam dunk'

    The foreman of a jury that convicted an Iowa man of killing his pregnant wife says the prosecution's case was a "slam dunk" even if the investigation had flaws.

    July 25, 2014

  • Iowa panel sued for rejecting Cedar Rapids casino

    Former Linn County Attorney Eugene Kopecky has sued the Iowa Racing Gaming Commission over its rejection of the proposed Cedar Rapids casino.

    July 25, 2014

  • Chicago Violence [Duplicate] Chicago authorities charge man in child's death CHICAGO (AP) — A Chicago teenager accused of shooting dead an 11-year-old girl was aiming his gun at members of a rival gang when a stray bullet struck the girl as she was making s’mores during a sleepover, police said Thursday.At a news conference t

    July 25, 2014 2 Photos

  • GOP Rauner's ad used made-up headlines SPRINGFIELD, Ill. (AP) — A campaign ad from the Republican candidate for Illinois governor is being called into question for tailoring — and even making up — headlines from news stories to make them appear more negative about his opponent.Businessman

    July 25, 2014

  • Illinois woman, 47, dies rescuing boy in Wisc. lake ARLINGTON HEIGHTS, Ill. (AP) — Friends and family are mourning the death of an Illinois woman who drowned while rescuing a 9-year-old boy in a Wisconsin lake.The (Arlington Heights) Daily Herald reports 47-year-old Karen Wessel of Arlington Heights d

    July 25, 2014

  • techel.jpg Iowa man convicted of killing pregnant wife

    A former volunteer firefighter who hoped for a career in law enforcement was convicted Thursday of killing his pregnant wife, as jurors in his third trial rejected his claims that an unknown intruder shot her.

    July 24, 2014 1 Photo

  • RAGBRAI rider from Sioux City dies in Mason City

    A RAGBRAI participant from Sioux City has been found dead in his tent in Mason City in the second death during the weeklong bicycling event.

    July 24, 2014

  • Deliberations resume at Iowa man's murder trial

    Jurors will be allowed to review the video, but not the transcript, of an Iowa man being interrogated as they consider whether he's guilty of murder in the death of his pregnant wife.

    July 24, 2014

  • Health insurers owe Iowans nearly $1.8M in refunds

    The federal government says insurers owe Iowans nearly $1.8 million in refunds because of a provision in the Affordable Care Act.

    July 24, 2014

Clinton Herald Photos


Browse, buy and submit pictures with our photo site.

Poll

Should the city of Clinton appeal the open records violation ruling that will cost taxpayers $40,600?

Yes
No
     View Results
AP Video
Featured Comment
Front page
Featured Ads
Local Radar
Blue Zones Project
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Front page