Farm News, Wednesday March 23, 2016

Ag Headlines for Wednesday March 23, 2016 include Grants and Loans available for Rural Businesses and Cuba not being a big boon in US Pork Exports.

USDA Seeking Applications for Rural Development Loans and Grants

USDA is seeking applications for loans and grants to help support the start-up or expansion of rural businesses. The funding is being provided through the Rural Economic Development Loan and Grant program. Under this program, USDA provides zero-interest loans and grants to local utilities, which use the funding to create revolving funds for projects that will create or retain jobs in rural areas. Rural Business Cooperative-Service Administrator Sam Rikkers says the loans and grants will “spur entrepreneurship, create jobs and improve the quality of life in rural America.” USDA is making $37 million in loans and $11 million in grants available. A recipient may receive a loan of up to $1 million, or a grant of up to $300,000. USDA says anyone interested in applying for the grants and loans should contact their local Rural Development state office.

Cuba Would Not Create Excess of Pork Exports

As the President is visiting Cuba this week, National Hog Farmer reports the island county will not bring a flood of new exports for U.S. pork producers. The report lists three main reasons while Cuba will not be a boon for exports, starting with the fact that Cuba is roughly the same size and population of Ohio. Further, the gross national income per person in Cuba is $5,880 with the take-home salary for the majority of Cubans around $20 a month, and the Cuban economy remains troubled. The U.S. Central Intelligence Agency estimates the size of the Cuban economy is $121 billion. For years, the country has remained isolated, refusing relationships with the International Monetary Fund and World Bank. Further, it owes large sums of money to Venezuela, Russia, China and other countries. Nick Giordano of the National Pork Producers Council says while everyone is talking about Cuba, “we are going to sell a lot more pork to Argentina than Cuba.”

NAFB News