Acting Deputy Under Secretary Roger Glendenning has announced that USDA has certified the Innova Ag Innovation Fund IV LP as an investment pool for small and startup rural businesses.
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.
Farm Credit System members are contributing $31 million to the Ag Innovation Fund. The Farm Credit System is a nationwide network of banks and lenders specifically chartered to serve agriculture and the U.S. rural economy.