The Obama Administration has unveiled a new initiative to aid rural small businesses to access capital. The initiative includes loans to rural hospitals to recruit new physicians and invest in information technologies.
Under the program, the Department of Health and Human Services will issue guidance to expand eligibility for the National Health Service Corps loan repayment program to enable more than 1,300 critical access hospitals to recruit physicians. HHS and the Department of Agriculture will sign an agreement linking hospitals and clinicians to existing capital loan programs to purchase software and hardware.
Other components of the plan include doubling Small Business Administration funding to rural small businesses to $350 million during the next five years, holding conferences to connect equity and venture capital investors to start-up firms, create capital marketing teams to pitch federal funding opportunities to private investors, and making job search information available at 2,800 local USDA offices. More information is available here.
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