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Rural Economic Development Loan & Grant Program

Open Date:

8/31/2022

Close Date:

6/30/2023

Eligible Recipients:

  • Public Utility Entity

Program Purpose:

Economic Development

Reserved for Energy
Communities?

No

Upcoming Milestones:

Funded by:

U.S. Department of Agriculture

Overview

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.

Funding Details

Funding Source:
Funding Type:
Grant – match required
Total Amount Available:
$0
Limit per Applicant:
2,000,000
Estimated Awards:
40

Applicant Guidance

Contact Information

Cindy Mason, Program Manager
[email protected]

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