The U.S. Department of Agriculture (USDA) has announced the launch of a new private investment fund with the potential to inject $100 million into growth-oriented, small businesses across rural America. The McLarty Capital Partners (MCP) Rural Business Investment Company (RBIC) will be the fifth RBIC that USDA has helped to initiate since 2014. The McLarty company has its roots in Hope in the family's automobile business, now in its fourth generation of McLarty's. The initiative is part of USDA's ongoing efforts to attract private sector capital to investment opportunities in rural America to help drive more economic growth in rural communities.
"Innovative small businesses throughout rural America need the same access to capital as their urban business counterparts," said Agriculture Secretary Tom Vilsack. "McLarty Capital Partners is an important ally in USDA's efforts to reenergize the rural economy, help small businesses grow and strengthen local communities."
"We are pleased to partner with USDA in this innovative public-private partnership to propel and sustain small business growth in rural America," said McLarty Capital Partners co-founder, Franklin McLarty. "With roots in America's heartland, McLarty Capital Partners is committed to ensuring that small and medium sized enterprises have the means necessary to achieve their business goals, and this endeavor only furthers that mission."
McLarty Capital Partners, founded in 2012 by co-presidents Franklin McLarty and Christopher Smith, provides flexible financing solutions to small and medium sized enterprises in the United States.
The new fund was formed under the USDA's Rural Business Investment Program (RBIP). USDA is utilizing RBIP to license funds that invest in enterprises creating growth and job opportunities in rural areas, with an emphasis on smaller enterprises. Since its inception in 2014, the fund has made a total of 11 investments, totaling $39 million.
These efforts are part of the Made in Rural America initiative, which was created by President Obama to help rural businesses and leaders take advantage of new investment opportunities and access new markets abroad.
special thanks to Saratoga Ark Digest