Rural Economic Development Loan and Grant
Closed Posted
- Opportunity number
- RD-RBCS-24-REDLG
- Agency
-
Rural Business Cooperative Services
Washington Office, Department of Agriculture
- Applications due
- Award size
- Up to $2,000,000
Opportunity facts
- Assistance listings
- Funding instrument
- Not on record
- Categories
-
- Agriculture
- Business and Commerce
- Community Development
- Education
- Health
- Regional Development
- Eligible applicants
-
- Other
- Full announcement
Opportunity details come from Grants.gov. Updated .
About this opportunity
The Rural Economic Development Loan and Grant program offered by the Department of Agriculture Rural Housing Service provides zero-interest loans and grants through local utility organizations to rural businesses for projects that create and retain employment. Loans up to $2,000,000 and grants up to $300,000 are available for ultimate recipients and utilities respectively. Loans are provided to utilities who pass them through to businesses for job creation projects, while grants fund Revolving Loan Funds at utilities. All loans and grants must support rural economic development and job growth. Applications will be evaluated competitively with consideration for feasibility, costs, and rural impact. Applications are due June 30, 2024.
Award amounts for loans and grants are anticipated to be a maximum of $2,000,000 and $300,000 respectively. Loans are repaid to the lending utility, which then repays USDA, as grants are repaid to USDA upon RLF termination. All work under these funds must directly benefit rural areas across the United States and its territories.
Synopsis
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 then is responsible for repayment to USDA.
USDA provides grants to local utility organizations which use the funding to establish Revolving Loan Funds (RLF). Loans are made from the revolving loan funds to projects that will create or retain rural jobs. When the revolving loan fund is terminated, the grant is repaid to USDA.
The Agency anticipates the following maximum amounts per award: Loans - $2,000,000; Grants - $300,000.
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