The Grants for Rural Innovation Stronger Economy (RISE) Grant Program is a USDA grant program that aims to revitalize low-income rural communities by supporting job creation, business development, and innovation.
Here Are Some Key Points About The RISE Program:
- Goal: To create high-wage jobs, accelerate the formation of new businesses, and support industry clusters in eligible rural areas.
- Funding: Up to $2 million per grant
- Eligibility: Limited to low-income rural communities
What Is The Purpose of This Program?
In eligible low-income rural areas, the Rural Innovation Stronger Economy (RISE) Grants for Rural Program provides grant assistance to support industry clusters, increase the creation and augmentation of high-wage jobs, and maximize the use of local productive assets.
Who Is Eligible To Apply?
Grants for Rural jobs accelerator partnerships with experience in providing job training and economic development initiatives that include the following are eligible applicants.
Non-governmental organizations
State organizations
Tribal organizations
Higher education establishments
Governmental organizations
How Might Money Be Put to Use?
One possible use for RISE grant funds is to construct or assist with a business incubator.
To help create new jobs, offer worker training.
Equip current employees with the necessary skills for higher-paying positions.
Create a pool of competent laborers and increase their chances of landing well-paying positions in emerging or established local industries.
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What Area Qualifies?
The rural area that the RISE project serves must be sufficiently small for partners to work closely together. Important components of the region’s prioritized industry cluster concentrations of related industries must also be included.
Projects that will further the main priorities may receive points from the RBCS Administrator; for more information, see Rural Developments Key Priorities.
What is a Grant’s Maximum Amount?
A minimum grant amount of $500,000 and a maximum grant amount of $2,000,000 are given out competitively.
What Conditions Does the Grant Have?
There is a four-year grant term.
How can Apply?
Prospective candidates are advised to study the information contained in the Notice of Funding Availability, including the deadlines for submissions. The application process is conducted via https://www.grants.gov.
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What rules this particular program?
Regulation 4280 of the Agricultural Improvement Act of 2018 (Public Law 115-34) (2018 Farm Bill) establishes the Rural Innovation Stronger Economy (RISE) Grant Program. Regulation 7 CFR Part 4284, Subpart L, governs the program.
Why does this get done by USDA Rural Development?
The RISE Grant Program fills a known gap in federal funding for partnerships that accelerate employment and encourage private investment in regional economies. The RISE grant recipients’ flexible use of funds enables a region to make the most of its community assets by supporting both new and established industries, creating and running innovation centers for training and job development, and using new or improved broadband service by job accelerators. The RISE program is expected to enhance rural communities’ capacity to generate high-paying employment opportunities, expedite the establishment of rural enterprises, and fortify regional economies.
Jack, a U.S.-based freelance writer with a wealth of experience in the loan and subsidy industry, is more than just a wordsmith. Driven by a passion for financial education and consumer empowerment, he founded cuploanprogram.online. This blog serves as a platform for his expert advice and insights, aiming to demystify loan programs and promote fair and transparent lending practices for all.