WASHINGTON — The USDA has certified the Innova Ag Innovation Fund IV LP as an investment pool for small and startup rural businesses.
The certification is another tool USDA provides to help rural businesses, to create jobs and to attract private-sector capital to rural communities.
This pool will offer rural business owners the same access to capital as their counterparts in metropolitan areas. The fund will support 30 to 45 companies that have the potential to generate more than $200 million in economic activity and create 600 jobs.
It will provide capital for high-growth companies in the biosciences, technology and agricultural technology industries. The fund is the second USDA has certified under the Rural Business Investment Program (RBIP).
RBIP funds support USDA’s strategy for rural economic growth. For a fund to receive USDA certification, its managers must demonstrate that they have venture capital experience and that they have successfully worked with community development organizations.
The Ag Innovation Fund is being managed by Innova Memphis RBIC. For more information about USDA loans, visit www.rd.usda.gov.