USDA launches $100 million program to aid small businesses in rural America

The U.S. Department of Agriculture is set to launch a new public-private investment fund, under the USDA’s Rural Business Investment Program, RBIP. The McLarty Capital Partners will invest up to $100 million in growth-oriented, small businesses across sparsely populated sections of the country, according to the USDA. MCP’s has corporate offices in New York City and Little Rock.

“Innovative small businesses throughout rural America need the same access to capital as their urban counterparts,” U.S. Agriculture Secretary Tom Vilsack said. “McLarty Capital Partners is an important ally in USDA’s ongoing efforts to reenergize the rural economy, help small businesses grow, and strengthen local communities.”

MCP is the fifth RBIP that USDA has partnered with since 2014. MCP was formed in 2012 by Franklin McLarty and Christopher Smith with the intent to invest in small businesses. In 2007, McLarty was appointed to the Arkansas Economic Development Commission by then Gov. Mike Beebe. He served until 2011, serving his last year as organization’s chairman. He is also the CEO of RML Automotives, according to company’s Website.

RBIP is part of President Barack Obama’s initiative, Made in Rural America. The goal is to attract private capital investment in rural areas.

In 2014, Advantage Capital Agri-Business Partners, another RBIP was granted a license to invest up to $154 million in innovative agriculture-related businesses. This includes bio-manufacturing firms, regional food systems, advanced farming technologies, and other cutting-edge fields.