To provide grants to aid rural business and job creation in rural areas, to provide grants for emergency water assistance projects, and for other purposes.

Authorizes the Secretary of Agriculture to make grants to aid businesses unable to secure credit and create jobs in rural areas.

Amends the Consolidated Farm and Rural Development Act to increase annual water and waste facility assistance limits. Authorizes the Secretary to provide water and waste facilities loans to specified rural entities.

Authorizes the Farm Credit System to provide loans and other financial assistance to rural sewer and water projects.

Establishes in the Farmers Home Administration a national rural waste water circuit rider grant program.

Amends the Rural Electrification Act of 1936 to establish: (1) a technical assistance unit; and (2) an Assistant Administrator for Economic Development.

Amends the Consolidated and Rural Development Act to authorize a rural business development grant program.

Directs the Secretary to establish within the National Agricultural Library a National Rural Assistance Information Clearinghouse.

Treats a rural county experiencing specified population reduction as a labor surplus area.