TWIN FALLS, Idaho — Small Magic Valley businesses could receive financing through the USDA’s investment of $16.5 million dollars to rural Idaho communities. The investment aims to expand access to financing in order to create opportunities for entrepreneurs, small businesses and farmers.
This is the third time the Region IV Development Association will receive funds for the intermediate re-lending loan program, through USDA investments. The program will serve the entirety of the Magic Valley in addition to parts of the Treasure Valley.
The goal of this program is to keep wealth in rural communities.
“Say someone is starting up a small business and they can get so much from a bank or a credit union but they still have unmet need, it’s about helping them with getting that financing they need to get going, so it’s going to be open to every kind of business that’s in a rural community,” said Rudy Soto, USDA Rural Development State Director.
Getting new equipment or hiring more workers can be difficult when businesses have to rely solely on financing from banks, according to Kindsey Taylor, owner of The Brass Monkey in Twin Falls.
“It really would help to create more jobs and to be able to pay for higher wages for jobs because as a small business, that is one of the difficulties in hiring, to compete with corporate wages, because we are small mom and pop shops,” said Taylor.
$1 million dollars has been allocated to rural businesses in Twin Falls.
“With our town growing like it is, we definitely are getting the business but not enough to balance out the cost of living,” said Taylor.
The USDA program could make a difference for those living in rural communities.
“It’s going to affect them personally because they’re going to see people starting new businesses or growing their businesses to where they can hire people for good jobs that can help them increase the quality life for the for their family, friends and community,” said Soto.
Magic Valley businesses can reach out to the Region IV Development Association for more information.