The U.S. Department of Agriculture (USDA) Rural Development is now accepting applications for four key loan guarantee programs under the OneRD Guarantee Loan Initiative.
Through a series of regulatory reforms effective today, USDA has eliminated duplicative processes and launched a common loan guarantee application for the following programs:
- Water and Waste Disposal Loan Guarantee Program;
- Community Facilities Guaranteed Loan Program;
- Business and Industry Guaranteed Loan Program; and
- Rural Energy for America Guaranteed Loan Program.
Through this initiative, Rural Development has standardized requirements for credit reviews, loan processing, loan servicing, and loss claims. These measures will make the application process simpler and faster for lenders.
The OneRD Guarantee Loan Initiative annual fees, guarantee percentages, periodic retention fees, and optional construction fees were announced on September 1.
USDA is also providing automatic approval to participate in all four programs to lenders in good standing that are supervised by state or Federal regulatory agencies. This expands the base of eligible lenders for these four loan guarantee programs.
Non-regulated lenders may seek approval to participate through a single certification process that will be valid for five years. To request approval, non-regulated lenders must submit a cover letter to onerdlenderapproval@usda.gov. Instructions on how to file requests and a template are available online.
Rural Development will host a webinar for lenders on October 8 to answer questions about the new processes enacted under this initiative.
What: USDA OneRD Guarantee Loan Initiative Lender Webinar
When: Thursday, October 8 @ 10:30 a.m. – Noon PDT
Where: Online
How: Register for free today
For more information on these regulatory changes and how to apply to these programs, visit www.rd.usda.gov/onerdguarantee. Questions related to the OneRD Guarantee Loan Initiative may be directed to OneRDGuarantee@usda.gov.