On December 21, 2018, the U.S. President Trump signed the 2018 Farm Bill into law. This is a new five-year Farm Bill which contains provisions that could provide significant new tools for rural innovations.

The two greatest opportunities are the Rural Innovation Stronger Economy (RISE) grant program, which creates an innovation cluster and strategy program for rural regions, and a change to allow the existing Community Facilities program to support incubators, makerspaces, and job training centers.

RISE Grants

This program would provide between $500,000 and $2 million over four years for regional innovation initiatives in rural regions. Activities must be connected to an existing or emerging cluster and could include facilitating market connections, supporting commercialization, and providing workforce and entrepreneurship services. The program is open to communities fitting USDA's broadest definition of rural, a population of 50,000 or comparable density. The authorization extends through FY 2023.

Community Facilities Program

The USDA-RD Community Facilities program provides direct loans, guarantees of third-party loans and grants for community infrastructure. The program is often used for hospitals, schools, community centers and similar institutions, but can be used more broadly. The Farm Bill's accompanying report directs USDA to include incubators, co-working spaces, makerspaces, and "residential" entrepreneur and innovation centers. The program uses USDA's 20,000-person definition of a rural region.

Other Innovation Provisions

The bill contains two other noteworthy sections. First, the Rural Business Investment Corporation authorization is extended and allows for greater participation by the Farm Credit System, which may allow more capital to flow into these entities. A second section establishes a grant, direct loan and loan guarantee program for rural broadband investments.