Major funding boost for rural economic development and small communities
This bill reauthorizes and significantly expands the funding for the Rural Innovation Stronger Economy (RISE) grant program, which supports job creation and innovation in rural areas. The changes specifically target smaller communities, emphasizing those with populations under 20,000 and dedicating at least 10% of funds to those under 10,000 inhabitants. This means increased access to federal grants for local economic projects, potentially leading to new business opportunities and greater financial stability for rural residents.
Key points
Funding Increase: The authorized appropriation for the RISE program jumps from $10 million annually (through 2024) to $50 million annually for fiscal years 2025 through 2029.
Focus on Smallest Towns: The program must now prioritize communities with fewer than 20,000 inhabitants, and at least 10% of total grants must benefit rural communities with populations under 10,000.
Simplified Eligibility: The requirement to focus on rigid 'industry clusters' is largely removed, allowing local partnerships to seek funding for a broader range of local industries and economic activities.
State Office Concurrence: Grant selection now requires the concurrence of the applicable State office of the rural development mission area, ensuring local relevance and coordination.
Expired
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