TEMPLE, TEXAS, March 24, 2016 – Rural Business Cooperative-Service Administrator Sam Rikkers has announced that USDA is seeking applications for loans and grants to help support the start-up or expansion of rural businesses.
“Our small, rural businesses need financing to compete in the global economy,” Rikkers said. “With this announcement, USDA is demonstrating its continued commitment to investing in small towns and rural communities. These loans and grants will spur entrepreneurship, create jobs and improve the quality of life in rural America.”
“USDA is committed to helping rural communities increase economic conditions needed to implement strategies that will stimulate the economy, reduce poverty and enhance the quality of life in our small towns and rural areas,” said Paco Valentin, USDA Rural Development Texas State Director.
The Rural Economic Development Loan and Grant (REDLG) provides funding. Under this program, USDA provides zero-interest loans and grants to eligible local utilities, which use the funding to create revolving funds for projects that will create or retain jobs in rural areas.
USDA is making $37 million in loans and $11 million in grants available. A recipient may receive a loan of up to $1million, or a grant of up to $300,000.
For information on how to apply for REDLG loans or grants, contact the Texas State Office at (254)742-9780 or see page 14415 of the March 17 Federal Register. The first round of applications is due March 31, 2016, and the second series of claims is due June 30, 2016.
President Obama’s historic investments in rural America have made our rural communities stronger. Under his leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. For information on this and other USDA Rural Development programs in Texas, visit http://www.rd.usda.gov/tx.