Rural Economic Development Loan and Grant

Active
Yes
Status
Posted
Published Date
December 18th, 2023
Close Date
June 30th, 2024
Award Ceiling
$2,000,000.00
Award Floor
$0.00
Expected No. Awards
40
Opportunity No.
RD-RBCS-24-REDLG

Agency

Rural Business-Cooperative Service (USDA-RBCS)

Eligible Applicants

Others

Funding Category

Regional Development

Funding Instrument

Other

Opportunity Category

Discretionary

Cost Sharing or Matching Requirement

Yes

Summary

The Rural Business-Cooperative Service is offering the Rural Economic Development Loan and Grant program. This program provides funding for rural projects through local utility organizations. The program offers zero-interest loans to local utilities, which are then passed on to local businesses for projects that will create and retain employment in rural areas. The ultimate recipients repay the loans directly to the lending utility. Additionally, grants are provided to local utility organizations to establish Revolving Loan Funds (RLF), which are used to make loans to projects that will create or retain rural jobs. The maximum amounts per award are $2,000,000 for loans and $300,000 for grants. To be eligible for funding, entities must be former Rural Utilities Service borrowers or nonprofit utilities eligible for assistance from the Rural Development Electric or Telecommunication Programs. The application deadlines for quarterly funding competitions are September 30, 2023; December 31, 2023; March 31, 2024; and June 30, 2024. For more information, visit the REDLG Program Web Site at https://www.rd.usda.gov/programs-services/business-programs/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 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.

Contact Information

Opportunity Lifecycle

Title
Type
Grant

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