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Rural Economic Development Loan and Grant

Rural Business-Cooperative Service · RD-RBCS-24-REDLG

Closed

Award Range

$0 – $2.0M

Expected Awards

Deadline

June 30, 2024

GRANTQUICK SUMMARYPlain-English Overview

Rural Economic Development Loan and Grant. Rural Business-Cooperative Service . The Rural Economic Development Loan and Grant program provides funding for rural projects through local utility organizations. USDA provides zero-interest loans to local utilities which they, in turn, pass through to local businesses (ultimate recipients) for projects that will create and retain... up to $2,000,000 per award; ~40 awards expected.

Who Should Apply

Other eligible entities

Who Should NOT Apply

Individuals and organizations outside the specified eligible types

Key Requirements (Plain English)

•To receive funding (which will be forwarded to selected eligible projects), an entity must be: A former Rural Utilities Service borrower who borrow...
•Cost sharing/matching required
•Deadline: 2024-06-30

💡 GrantQuick Tip

Budget for cost-sharing match. Demonstrate institutional commitment and matching funds clearly in your proposal.

Competitiveness: Moderate to high — federal grants are always competitive

What This Grant Funds

The Rural Economic Development Loan and Grant program provides funding for rural projects through local utility organizations. USDA provides zero-interest loans to local utilities which they, in turn, pass through to local businesses (ultimate recipients) for projects that will create and retain employment in rural areas. The ultimate recipients repay the lending utility directly. The utility then is responsible for repayment to USDA.

USDA provides grants to local utility organizations which use the funding to establish Revolving Loan Funds (RLF). Loans are made from the revolving loan funds to projects that will create or retain rural jobs. When the revolving loan fund is terminated, the grant is repaid to USDA.

The Agency anticipates the following maximum amounts per award: Loans - $2,000,000; Grants - $300,000.

Who Can Apply

To receive funding (which will be forwarded to selected eligible projects), an entity must be: A former Rural Utilities Service borrower who borrowed, repaid or pre-paid an insured, direct or guaranteed loan. Nonprofit utilities that are eligible to receive assistance from the Rural Development Electric or Telecommunication Programs.Current Rural Development Electric or Telecommunication Programs borrowers.

Eligible Applicant Types

Other (see NOFO for details)

Funding Details

Maximum Award: $2.0M
Expected Number of Awards: 40
Cost Sharing Required?: Yes
Funding Instrument: other

Key Dates

Posted: December 18, 2023

Application Deadline: June 30, 2024 (0 days remaining)

The deadlines for complete applications to be received in the USDA Rural Development State Office for quarterly funding competitions are no later than 4:30 p.m. (local time) on: First Quarter, September 30, 2023; Second Quarter, December 31, 2023; Third Quarter, March 31, 2024 and Fourth Quarter, June 30, 2024.

Agency Contact

Cindy Mason Program Manager

cindy.mason@usda.gov

Ready to apply?

View the full NOFO and submit your application on Grants.gov

View on Grants.gov