USDA Announces Availability of Loans and Grants to Support Rural Economic Development
Wednesday, May 21, 2014
WASHINGTON, May 20, 2014 – Agriculture Secretary Tom Vilsack today announced that the Department is accepting applications for loans and grants to support community development projects, business expansion and job creation.
"These USDA investments are part of the Obama Administration's ongoing efforts to create jobs and expand economic opportunities for rural entrepreneurs," Vilsack said. "Through them, USDA is working with local organizations to provide capital to help small business owners achieve their goals. These investments are helping rural residents take the next steps on the ladder to greater success and opportunity."
Assistance is being provided through two USDA Rural Development programs: the Intermediary Relending Program (IRP) and the Rural Microentrepreneur Assistance Program (RMAP). The 2014 Farm Bill reauthorized both programs through 2018. For Fiscal Year 2014, $18.9 million in IRP loans are available, and $25.4 million in RMAP loans and grants are available.