CARSON CITY, Nev. — USDA Deputy Under Secretary for Rural Development Bette Brand recently announced that USDA is seeking applications for funding to establish revolving loan programs to support rural businesses and community development projects.
Per a Dec. 8 press release, subject to the availability of funds, loans will be established through USDA’s Intermediary Relending Program. Eligible recipients include nonprofits and cooperatives, federally recognized tribes and public agencies.
The revolving loan funds may be loaned to ultimate recipient borrowers to acquire, construct or enlarge a business; purchase or develop land; purchase equipment, machinery or supplies; or for start-up costs and working capital.
“Here in Nevada, we only have one Intermediary Relending partner, the Rural Nevada Development Corporation,” USDA Rural Development Nevada Business Programs Director Chandler Allen said in a statement. “They do a great job relending to small rural businesses. If other nonprofits, alternative lenders, tribes or public agencies are interested in providing business micro loan support in rural Nevada, we encourage their participation.”
Paper and electronic applications must be submitted to the USDA Rural Development State Office where the project is located and will be processed quarterly, according to the press release.
The deadlines for completed applications is no later than 4:30 p.m. (local time) on: Second Quarter- December 31, 2020; Third Quarter- March 31, 2021; and Fourth Quarter- June 30, 2021.
For information in Nevada and to learn how to apply, contact Allen at chandler.allen@usda.gov or 775-443-4766.
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