Assistant to the Secretary for Rural Development Anne Hazlett today announced that USDA has simplified the application process for lenders applying for guarantees through two key businesses programs. Lenders can now use the same loan guarantee application form for the Business and Industry (B&I) loan guarantee program and the Rural Energy for America Program (REAP), regardless of the loan amount.
The B&I and REAP programs support lenders who provide access to capital for rural businesses and agricultural producers.
This change became effective July 2. USDA made it to reduce the burden on these lenders, facilitating the path to prosperity for America’s rural businesses and agricultural producers. It comes on the heels of last month’s Rural Development National Lender Forum, which brought together lenders and other stakeholders to strengthen public-private partnerships and expand access to capital in rural communities.
For more information on the simplified application process and other changes, see page 30831 of the July 2 Federal Register.