Rural Business Cooperative-Service Administrator Sam Rikkers today announced that USDA is seeking applications for loans and grants to help support the start-up or expansion of rural businesses.
“Our small, rural businesses need financing to compete in the global economy,” Rikkers said. “With this announcement, USDA is demonstrating its continued commitment to investing in small towns and rural communities. These loans and grants will spur entrepreneurship, create jobs and improve the quality of life in rural America.”
The funding is being provided through the Rural Economic Development Loan and Grant (REDLG) program. Under this program, USDA provides zero-interest loans and grants to local utilities, which use the funding to create revolving funds for projects that will create or retain jobs in rural areas.
USDA is making $37 million in loans and $11 million in grants available. A recipient may receive a loan of up to $1million, or a grant of up to $300,000.
Since 2009, USDA has invested more than $330 million in loans and grants through the REDLG program.
For additional information on how to apply, or to receive application materials, please contact the Michigan Business Programs Division at 517-324-5157, email bobbie.morrison@mi.usda.gov, or visit the web site at http://www.rd.usda.gov/mi or see page 14415 of the March 17 Federal Register. The first round of applications is due March 31, 2016, and the second round of applications is due June 30, 2016.
President Obama’s historic investments in rural America have made our rural communities stronger. Under his leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities.