OpportunityTitle: Rural Economic Development Loan and Grant
AdditionalInformationOnEligibility: To receive funding (which will be forwarded to selected eligible projects), an entity must be: A former Rural Utilities Service borrower who borrowed, repaid or pre-paid an insured, direct or guaranteed loan. Nonprofit utilities that are eligible to receive assistance from the Rural Development Electric or Telecommunication Programs.Current Rural Development Electric or Telecommunication Programs borrowers.
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.
GrantorContactEmailDescription: Program Manager
GrantorContactText: Cindy Mason &lt;br/&gt;Program Manager
CloseDateExplanation: The deadlines for complete applications to be received in the USDA Rural Development State Office for quarterly funding competitions are no later than 4:30 p.m. (local time) on:  First Quarter, September 30, 2022; Second Quarter, December 31, 2022; Third Quarter, March 31, 2023 and Fourth Quarter, June 30, 2023.