guaranteed loan program

Teamwork can improve virtually any endeavor, from partnering with a neighbor by exchanging butchered meat for hay to feed the rest of the herd or simply sharing a ride to save on gas.  The result is usually savings and efficiency.

At USDA, that notion is taken to another level with public-private partnerships that improve economic stability for producers, the financial sector, and a nation that leans heavily on the shoulders of its farmers and ranchers.

What do you get when you combine an abandoned rural high school, two Colorado farm families and potatoes? White Rock Specialties.

The innovative potato packing facility in Mosca, Colorado, is an economic driver for valley potato growers and employment in this small, unincorporated community in the San Luis Valley.

For generations, the Rockey and New families have been farming in the valley. Each family business had their own potato packing facilities, however, time and an increase in demand for their products proved the old equipment too inefficient. Discussions started between the families and it was decided a couple years ago to merge their packing businesses and White Rock Specialties was formed.

USDA Rural Development and The Hanover County Chapter of Habitat for Humanity are thinking outside of the box with their new partnership in Virginia. By working together, USDA Rural Development and Habitat for Humanity are able to provide mortgage assistance to low and very low-income rural families. Earlier this month, Agriculture Deputy Secretary Krysta Harden visited Bailey Woods, the first-ever Habitat Development in this area, as part of USDA’s celebration of National Homeownership Month.

Every year, rural families rely on USDA Rural Development’s direct and guaranteed home loans to provide an affordable opportunity to become homeowners. Bailey Woods will provide building lots for eight new houses and a renovation of one. These homes range from 1,500 to 1,700 square feet and feature many energy efficient features, such as ceiling fans, high insulation, and high efficiency heat pumps. These cost reducing systems will provide families in rural areas such as Hanover County the opportunity to purchase a home, while maintaining low operating costs.

During the past year, nearly $3 billion in guaranteed loans were issued through The USDA Business and Industry Guaranteed Loan Program to lenders across the country as they worked with local businesses to help create jobs in rural America.