Rural Development seeks applications for revolving loan programs | General

Rural Development seeks applications to establish revolving loan programs that would support rural businesses and community development.

Priority points will be offered to projects that create new and better market opportunities, advance equity and fight climate change. The extra points would increase the likelihood of funding for projects that advance key priorities in rural areas.

Funding is made available under the Intermediate Loan Program. The program provides low-interest loans to local lenders or “intermediaries” who re-lend the funds to businesses to improve economic conditions and create new opportunities in rural communities.

Eligible intermediary lenders include non-profit corporations, cooperatives, federally recognized tribes, and public agencies.

Loans through an intermediary to a beneficiary can be used for:

  • Acquire, build, convert, expand or repair a business or commercial facility.
  • Buy or develop land.
  • Buy equipment, machinery or supplies, or make leasehold improvements.
  • Support start-up costs and working capital.
  • Control and reduce pollution.
  • Support transportation services.

Applications are accepted quarterly and must be submitted to the applicant’s local rural development office no later than 4:30 p.m. by: first quarter: September 30; second trimester: December 31; third quarter: March 31, 2023; fourth quarter: June 30, 2023.

Eligible applications that are not funded in the term received will automatically compete for funding in up to three additional terms.

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About Keneth T. Graves

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