USDA Provides Rural Economy with tungsten Gas Shielded Welding Course
- Category: Tungsten’s News
- Published on Monday, 30 August 2021 19:25
Justin Maxson, Deputy Secretary of Rural Development of the United States Department of Agriculture (USDA), announced that in fiscal 2021, the United States Department of Agriculture has plans to invest 70 million US dollars to help the rural economy through the specific programs like Advanced Welding School that offer tungsten gas shielded welding course.
The US Department of Agriculture is expected to provide record levels of support for rural working capital and other commercial capital needs.
"Under the leadership of President Biden, Vice President Harris, and Secretary of Agriculture Vilsack, the US Department of Agriculture is expanding access to capital to prioritize rural economic development," Maxson said. "While we continue to respond to the COVID-19 pandemic and restore the economy, the US Department of Agriculture remains committed to helping rural businesses create jobs opportunities so that rural Americans can rebuild their rural areas better and stronger than ever before in fiscal year 2021."
Since the beginning of this fiscal year, the US Department of Agriculture has invested $811 million through the Business and Industry (B&I) loan guarantee program. This assistance support has helped companies create or save more than 6,000 jobs in rural areas.
In addition, the US Department of Agriculture has invested $380 million in rural businesses through the Commercial and Industrial CARES Act established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This assistance has helped rural enterprises create or save more than 6,000 jobs in rural areas.
In Louisiana, the US Department of Agriculture invested 70,391,630 US dollars (approximately 70 million US dollars) through the Industrial and Commercial (B&I) Loan Guarantee Program and the Industrial and Commercial CARES Act to help 13 companies create or save jobs.
The following are the three businesses highlighted:
Southern Textile Services is a healthcare laundry business that provides services to hospitals, nursing homes, and other healthcare institutions. Southern Textile Services' services include linen supply, inventory management, laundry services, customer delivery, and quality control. This loan will help create 15 and save 82 jobs in Alexandria.
FTC operates Springhill Suites in Slidell. Its accommodation facilities cover an area of 57,000 square feet and have four floors, with 88 king-size and queen-size suites. This loan will help save 22 jobs in Slidell.
Advanced Welding School offers a wide range of welding courses, such as shielded metal arc welding, gas shielded metal arc welding, tungsten gas shielded welding, and certified welding inspectors or educators. This loan will help create 16 jobs and save 9 jobs in Walker.
The investment under the B&I plan was 36% higher than in the same period last year. The number of applications has increased by 44% compared to the same period last year. This increase is partly due to a series of program improvements adopted by the US Department of Agriculture under the new OneRD Guaranteed Loan Program.
This move raised the USDA’s loan guarantee for investments over $5 million to 80%. The previous guarantee ratio was 70% for loans under US $10 million and 60% for loans over US $10 million. This improvement makes the plan more attractive to capital-intensive companies such as manufacturing companies.
Under the leadership of the Biden-Harris government, Rural Development provides loans and grants to help millions of Americans in rural areas expand economic opportunities, create jobs, and improve the quality of life. This assistance supports the improvement of infrastructure, business development, housing, community facilities, such as schools, public safety, and medical care, as well as assistance to rural, tribal, and highly impoverished areas to access the high-speed Internet.
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