Ag secretary announces launch of two rural business investment companies

In Washington, Agriculture Secretary Tom Vilsack has announced the launch of two new private funds, known as rural business investment companies (RBICs), which make equity investments in rural businesses, helping them grow and create jobs. This announcement is part of USDA’s ongoing efforts to help attract private sector capital to investment opportunities in rural America to help drive more economic growth in rural communities.

Innova Memphis and Meritus Kirchner Capital can now begin raising capital to constitute their funds. Meritus Kirchner Capital has set a goal of raising $100 million, while Innova Memphis has set a goal of raising $25 million for their respective funds. Once the funds have been raised, these companies will make equity investments in rural businesses with high-growth potential.