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USDA Rural Economic Development Loan & Grant Program – Second Quarter Due 12/31

Opportunity Title:

Rural Economic Development Loan & Grant Program

Funder/Agency:

USDA

Description:

The Rural Economic Development Loan and Grant programs provide 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:

  • 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

Award Details:

Maximum Award:

Grant: $300,000

Loan: $2,000,000


Deadline:

The deadlines for complete applications to be received in the RD State Office for quarterly funding competitions are no later than 4:30 p.m. (local time) on:

First Quarter, September 30, 2023

Second Quarter, December 31, 2023

Third Quarter, March 31, 2024

Fourth Quarter, June 30, 2024


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

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