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These are "lender-driven" programs, whereby business loans (generally made by commercial banks) receive a Federal loan guarantee. The guarantee is designed to support and incentivize rural business lending and to support rural job creation and retention. The primary program in this category is the Business & Industry (B&I) guaranteed loan program.
The Rural Development Administration (RDA) was a USDA agency established by the 1990 farm bill (P.L. 101-624, Sec. 2302), amending the Consolidated Farm and Rural Development Act of 1972 (7 U.S.C. 1921 et seq.), to administer FmHA community and business programs and other USDA rural development programs.
It provides grants to small businesses in rural areas so they can generate clean energy or improve their energy efficiency. Besides solar, it has helped fund wind turbines, electric irrigation pumps to replace diesel ones, and corn ethanol. Once a business gets approved for REAP, it purchases the technology and operates it for at least 30 days.
To be eligible for a USDA Rural Business Development Grant, businesses must have 50 workers and less than $1 million in gross revenue. ... Small business loans. Allows startups and established ...
The USDA Rural Business Development Grant Program. ... SBA loans. The Small Business Association offers low-cost government backed loans to many types of small businesses, including businesses in ...
In particular, this assistance comes in three areas: business, utilities, and housing. The Under Secretary for Rural Development oversees loans, grants, and technical assistance to rural residents, communities, and businesses. With the rank of Under Secretary, the USDA(RD) is a Level III position within the Executive Schedule. [1]
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