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.
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