Related Rural Blog Posts
- Posted byon August 16, 2011 at 3:08 PM EST
Today, the President announced several important new initiatives to continue strengthening the rural economy and to create jobs in rural areas.
As part of the White House Rural Council’s efforts to improve federal government coordination on rural economic development, the U. S. Department of Agriculture (USDA) and the Small Business Administration (SBA) have been focused on rural small business growth. And for good reason: Half the people who work in America either own or work for a small business, and two out of three new private sector jobs are created by small businesses.
Many of these small businesses are in rural areas and we are making sure that they have the tools they need to grow, create jobs and drive the economy.
- Posted byon August 16, 2011 at 12:42 PM EST
On the second day of his tour through rural America, President Obama participated in a Rural Economic Forum at Northeast Iowa Community College in Peosta, Iowa. He and members of his Cabinet joined a group of farmers, small business owners, private sector leaders, rural organizations and government officials to discuss ideas and initiatives that will spur job creation and economic innovation in small towns across the nation. In his opening remarks, the President announced several new initiatives that will promote economic growth in rural communities, including:
Helping Rural Small Businesses Access Capital
- Doubling SBA Investment Funds for Rural Small Businesses over the Next 5 Years: As part of the Startup America Initiative, the Small Business Administration (SBA) recently announced the creation of a $1 billion Impact Investment Fund through its Small Business Investment Company (SBIC) Program. The Impact Fund will invest in distressed areas as well as in emerging sectors such as clean energy. SBA provides up to a 2:1 match to private capital raised by this fund, partnering with private investors to target “impact” investments. SBA and USDA will partner together to drive $350 million of investment capital through the Impact Fund and existing SBICs into rural small businesses over the next five years, doubling the current rate of investment.
- Connecting Rural Small Businesses with Private Investment Capital: To further achieve this goal, SBA and USDA will launch a series of Rural Private Equity and Venture Capital conferences nationwide to provide a platform for connecting private equity and venture capital investors with rural start-ups. USDA, SBA, Treasury, Interior and other relevant agencies will also create rural capital “marketing teams” that pitch federal funding opportunities to private investors. These “marketing teams” will leverage existing personnel with expertise about rural funding sources across all federal departments and agencies.
- Posted byon August 16, 2011 at 12:03 PM EST
The second stop on President Obama's tour of rural America was a town hall meeting in Decorah,Iowa, where he talked with 500 local citizens about how we can grow the economy and put people back to work. The crowd asked questions on topics ranging from reforming the tax code and the rights of unions to whether Congress is a good partner, and what the current Washington gridlock means for democracy.
The President addressed the frustration that many have expressed with the dysfunctional government in Washington and said he shares that feeling:
- Posted byon August 16, 2011 at 9:14 AM EST
After a full day spent talking and listening to Americans at town halls in Cannon Falls, Minnesota and Decorah, Iowa yesterday, this morning the President's economic bus tour pulls into Peosta, Iowa for the White House Rural Economic Forum at Northeast Iowa Community College. President Obama and members of his Cabinet will meet with private sector leaders, farmers and small business owners to discuss ideas to grow the economy, accelerate hiring and spur innovation in small towns across the country.
The focus of the forum is how we can create good jobs that put more Americans back to work, and President Obama will announce new job initiatives for rural America that will do just that. The initiatives will include recommendations from the White House Rural Council that include helping small businesses in rural areas access capital, expanding rural job search and training services and increasing rural access to health care workers and technology.
Watch President Obama's opening remarks at 12:50 p.m. EDT and closing remarks at 3:30 p.m. EDT on WhiteHouse.gov/live to learn more about the President's plan to create jobs in small cities and towns across America.
- Posted byon August 15, 2011 at 5:15 PM EST
During the first stop on his rural road trip, President Obama took questions on topics ranging from using renewable energy to create jobs and helping young farmers buy land and market their products effectively to the future of Social Security and his Administration’s plans to bolster education.
Speaking with a crowd of 500 people at Hannah’s Bend Park in Cannon Falls, MN, the President discussed the “extraordinary challenges” our nation has faced over the last two and a half years, but extolled the “extraordinary hope that America represents” around the world, and reiterated his belief that there is “nothing wrong with America that can’t be fixed; what’s broken is our politics.”
Many of the questions focused on health care, Social Security, Medicaid and Medicare, and the President stressed his commitment to making sure we preserve the integrity of these programs while ensuring they are still in place for future generations:
- Posted byon August 15, 2011 at 4:22 PM EST
For the second stop of President Obama’s economic tour, the bus pulls into Decorah, Iowa for a town hall meeting with 500 local residents. While in Decorah, the President will be at the Seed Savers Exchange to discuss ways to grow the economy, strengthen the middle class and accelerate hiring.
The Seed Savers Exchange is a 850-acre farm that saves and shares heirloom seeds like Strawberry Crown Squash, Lemon Drop Tomato, Stone Mountain Watermelon and Champion of England Pea for future generations. Shannon Carmody from the Seed Savers Exchange describes heirlooms as rare seeds with a historic context, "Maybe they were offered in a seed catalog in the 1930's, and are no longer offered commercially today, or they could have been brought to North American by immigrant families and are maintained for generation after generation." Watch the town hall live beginning at 6:15 p.m. EDT on WhiteHouse.gov/live.