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  • Writer's pictureCaroline Winter

USDA Rural Economic Development Loan & Grant Program. Quarterly Deadlines. $300K Available.

Opportunity Title:

Rural Economic Development Loan & Grant Program



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.

USDA provides grants to local utility organizations which use the funding to establish Revolving Loan Funds (RLF). Loans are made from the revolving loan fund to projects that will create or retain rural jobs. When the revolving loan fund is terminated, the grant is repaid to USDA.



Eligibility:

To receive funding for a grant and/or loan an entity must be:

  • Current Rural Utilities Service (RUS), electric or telecommunication borrower,

  • Any former RUS borrower that has repaid or prepaid an insured, direct or guaranteed loan under the Rural Electrification Act,

  • Or any not-for-profit utility that is eligible to receive an insured or direct loan under such Act.



Maximum Grant Amount:

$300,000 to establish the Revolving Loan Fund

Up to 10% of grant funds may be applied toward operating expenses over the life of the Revolving Loan Fund.



Maximum Loan Amount:

$2,000,000



Application Deadline:

Application deadlines for quarterly competitions

First Quarter: September 30

Second Quarter: December 31

Third Quarter: March 31

Fourth Quarter: June 30





Grant Management Associates has years of experience with opportunities like this one. Contact us today for a consultation.

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