Rural Economic Development Fund
This program finances economic development and job creation projects in rural areas based on sound economic plans. Rural Economic Development Loans and Grants are available to any Rural Utilities Service electric or telecommunications borrower for the purpose of:
- assisting in the development of rural areas from an economic standpoint
- creating new job opportunities
- helping retain existing employment
Loans at below-prime interest are made primarily to finance business startup ventures and business expansion projects. Grants are made to these telephone and electric utilities to establish revolving loan programs operated at the local level by the utility.
The revolving loan program facilitates rural development by providing needed capital:
- to nonprofit entities and municipal organizations to finance community facilities which promote job creation in rural areas
- for facilities which extend or improve medical care to rural residents
- for facilities which promote education and training to enhance marketable job skills for rural residents
Projects should substantially benefit areas having a population of less than 2,500 residents.
Contact Dennis Deines for more information.