Support Business & Economic Development

Business & Industry CARES Act Program

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.

 

For Cooperatives and Ag Producers

Cooperatives are an essential part of the U.S. economy, especially in rural communities and areas. In addition to helping farmers and ranchers market their products and acquire farm supplies, cooperatives help meet many other needs, such as supplying electricity, telecommunications, credit and financial services, housing, food, hardware and building supplies, among other services.

Financing to Start or Expand a Business

These programs provide financial backing and technical assistance to stimulate business creation and growth. The programs work through partnerships with public and private community based organizations and financial institutions to provide financial assistance, business development, and technical assistance to rural businesses.