USDA seeks intermediary lenders for rural projects
The United States Department of Agriculture Deputy Under-Secretary for Rural Development Bette Brand announced that USDA is seeking applications for funding to establish revolving loan programs to support rural businesses and community development projects.
Subject to the availability of funds, the 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.
USDA Rural Development Nevada Business Programs Director Chandler Allen invites more applicants to participate as a relending partner.
“Here in Nevada we only have one intermediary relending partner, the Rural Nevada Development Corporation,” Allen said. “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.”
For information in Nevada, contact Business Programs Director Chandler Allen at 775-443-4766 or at chandler.allen@usda.gov
USDA is issuing this notice now to allow applicants enough time to leverage financing, prepare and submit their applications and give the agency time to process applications within Fiscal Year 2021.
Paper and electronic applications must be submitted to the USDA Rural Development State Office where the project is located and will be processed quarterly.
The deadlines for completed applications to be received in the USDA Rural Development State Office for the second quarter is 4:30 p.m. Dec. 31, for the third quarter 4:30 p.m. March 31, 2021 and for the fourth quarter 4:30 p.m. June 30, 2021.
