Rural Economic Development Loan and Grant

The Rural Economic Development Loan and Grant program provides funding for rural projects through local utility organizations. The program offers zero-interest loans to local utilities, which are then passed through to local businesses for projects that create and retain employment in rural areas. The ultimate recipients repay the lending utility directly. The utility is then responsible for repayment to USDA. The program also provides grants to local utility organizations to establish Revolving Loan Funds (RLF) for projects that will create or retain rural jobs. • The program offers loans up to $2,000,000 and grants up to $300,000. • The funding is provided for projects that will create and retain employment in rural areas. • Eligible applicants include former Rural Utilities Service borrowers, nonprofit utilities, and current Rural Development Electric or Telecommunication Programs borrowers. • The application deadlines are September 30, 2022, for the first quarter, December 31, 2022, for the second quarter, March 31, 2023, for the third quarter, and June 30, 2023, for the fourth quarter.