With USDA Rural Development’s Business & Industry CARES Act Program, rural business and agricultural lenders can partner with USDA to help support and revitalize the economic infrastructure of rural communities impacted by the pandemic.
USDA has nearly $1 billion in loan guarantee authority that must be used as working capital to prevent, prepare for, or respond to the effects of the coronavirus pandemic. For the first time, agricultural producers may access this program if they are ineligible for financing from USDA’s Farm Service Agency.
If you are a current B&I Program borrower needing assistance due to COVID-19 Through September 30, 2020, if you have a Business & Industry (non-CARES Act) loan guaranteed by USDA, your lender may approve up to a six-month deferral without prior approval from USDA. The Agency will also allow you to access emergency financial resources provided by the Small Business Administration without prior approval.