Rural Economic Development Loan & Grant Program

Type: 
Funding
Grant Deadline: 
03/31/2019
Organization: 
USDA
Description: 

The Rural Economic Development Loan and Grant program provides funding for rural projects through local utility organizations. USDA provides zero-interest loans to local utilities which they, in turn, pass through to local businesses (ultimate recipients) for projects that will create and retain employment in rural areas. The ultimate recipients repay the lending utility directly. The utility is responsible for repayment to USDA.

Category: 
Economic Development, Rural Development, Grants and Loans
Funding Amount: 
Up to $300,000 in grants may be requested to establish the RLF Up to 10 percent of grant funds may be applied toward operating expenses over the life of the RLF Up to $2 million in loans may be requested
Matching Funds: 
Yes, either the Ultimate Recipient or the Intermediary must provide supplemental funds for the Project equal to at least 20%

Geography:

Eligibility: 
Loans and grants may be made to any entity that is identified by USDA Rural Development as an eligible borrower under the Rural Electrification Act of 1936, as amended (Act). In accordance with 7 CFR 4280.13, applicants that are not delinquent on any Federal debt or otherwise disqualified from participation in these programs are eligible to apply
Contact Information: 
Go to https://www.rd.usda.gov/contact-us/state-offices to find your local office contact information