U.S. flag

An official website of the United States government

Dot gov

Official websites use .gov
A .gov website belongs to an official government organization in the United States.

Https

Secure .gov websites use HTTPS
A lock () or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.

USDA On Track to Provide Record-Breaking Support for Rural Indiana Businesses in Fiscal Year 2021

Name
Jessica Mancel
Phone
City
Indianapolis
Release Date

Investments Will Help Create or Save More Than 50 Jobs in Rural Indiana

INDIANAPOLIS, Ind, Aug. 24, 2021 – U.S. Department of Agriculture (USDA) Indiana Rural Development Acting State Director Curtis Johnson announced that USDA is on track to provide a record level of support for Indiana rural working capital and other business capital needs in fiscal year 2021.

“USDA remains committed to helping our Indiana rural businesses who have been the hardest-hit and located in underserved communities build back better,” said Johnson. “We are here to provide the financial backing and assist our partners in providing the capital and tools they need to support local businesses in their backyards.”

The Department has invested $2.9 million with Colony Bank to help a rural car wash in northern Indiana save six jobs through the Business and Industry Loan Guarantee Program. Additionally, $1 million was invested by Byline Bank to help two rural hotels in central Indiana save 50 jobs through the Business and Industry CARES Act Program, which was established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Today’s announcement comes as part of a larger, nationwide announcement from USDA Deputy Under Secretary for Rural Development Justin Maxson where he announced that USDA has invested $1.2 billion in loan guarantees to help rural businesses in 41 states, Guam and the Virgin Islands. These investments – made through the Business and Industry Loan Guarantee Program and the Business and Industry CARES Act Program are expected to create or save more than 12,000 jobs for people in rural areas.

Investments under the B&I program are higher than they were this time last year due in part to a series of program improvements USDA adopted under the new OneRD Guarantee Loan Initiative. This initiative increased the USDA loan guarantee to 80 percent for investments greater than $5 million. The previous guarantee percentages were 70 percent for loans less than $10 million and 60 percent for loans greater than $10 million. This improvement has made the program more attractive to capital-intensive businesses such as manufacturing companies.

Under the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, Tribal and high-poverty areas.

Information on programs available through USDA Rural Development is available by visiting www.rd.usda.gov/in or calling 317-290-3100. If you’d like to subscribe to USDA Rural Development updates, visit our GovDelivery subscriber page.

### 

USDA is an equal opportunity provider, employer, and lender.