On Dec. 23, U.S. Department of Agriculture (USDA) Under Secretary for Rural Development Xochitl Torres Small announced that the Department is accepting applications for loans to support economic development and create jobs for people in rural America.
USDA is offering priority points to projects that advance key priorities under the Biden-Harris Administration to help communities recover from the COVID 19 pandemic, advance equity and combat climate change. These extra points will increase the likelihood of funding for projects seeking to address these critical challenges in rural America.
The funding is being made available under the Intermediary Relending Program that provides a low-interest loan to local lenders or “intermediaries” that re-lend the funds to businesses to improve economic conditions and create jobs in rural communities. Eligible intermediary lenders include nonprofit corporations, cooperatives, federally-recognized Tribes and public agencies.
Loans from an intermediary to an ultimate recipient business may be used for purposes including:
- acquire, build, convert, expand or repair a business or business facility.
- purchase or develop land.
- purchase equipment, machinery or supplies, or make leasehold improvements.
- support start-up costs and working capital.
- control and abate pollution.
- support transportation services.
Competitions for the fiscal year 2022 available funds are conducted quarterly for applications submitted to the
nearest USDA Rural Development office no later than 4:30 p.m. (local time) by the following deadlines:
- December 31, 2021; March 31, 2022; June 30, 2022
Eligible applications that are not funded in the quarter received will automatically compete for funding in up to three additional quarters.
For additional information, see page 72918 of the Dec. 23, 2021, Federal Register.
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