Rural Economic Development Loans and Grants

To promote rural economic development and job creation projects, including funding for project feasibility studies, start-up costs, incubator projects, and other reasonable expenses for the purpose of fostering rural development.



Agency - Department of Agriculture

Established in 1862, the Department of Agriculture serves all Americans through anti-hunger efforts, stewardship of nearly 200 million acres of national forest and rangelands, and through product safety and conservation efforts. The USDA opens markets for American farmers and ranchers and provides food for needy people around the world.

Office - See Regional Agency Offices.

Contact your Rural Development State Office - http://www.rd.usda.gov/contact-us/state-offices.



Selected Recipients for this Program


RecipientAmount Start DateEnd Date
Macon Electric Coop $ 300,000   2022-05-242024-05-24
Northeast Missouri Electric Power Cooperative $ 300,000   2022-05-242024-05-24
Vernon Electric Co-operative $ 296,500   2022-04-252024-04-25
Paulding-putnam Electric Cooperative Inc $ 300,000   2022-03-222024-03-22
C M L Telephone Cooperative Association $ 300,000   2022-03-142024-03-14
Central Electric Cooperative, Inc. $ 300,000   2022-03-082024-03-08
Corn Belt Power Cooperative $ 300,000   2022-03-072024-03-07
Four County Electric Membership Corporation $ 300,000   2022-02-252024-02-25
Pee Dee Electric Membership Corporation $ 300,000   2022-02-252024-02-25
Four County Electric Membership Corporation $ 300,000   2022-02-252024-02-25



Program Accomplishments

Not Applicable.

Uses and Use Restrictions

This program is for projects which promote rural economic development and job creation.

Maximum amount of grant is $300,000; maximum amount of loan is $2,000,000.

Maximum term and interest rates vary by project.

Eligibility Requirements

Applicant Eligibility

Electric and telephone utilities that have current loans with the Rural Utilities Service (RUS), Rural Telephone Bank loans, or guarantees outstanding and are not delinquent on any Federal debt or in bankruptcy proceedings.

Beneficiary Eligibility

Rural/General Public.

Credentials/Documentation

This program is excluded from coverage under OMB Circular No. A-87. This program is excluded from coverage under OMB Circular No. A-87. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.

Aplication and Award Process

Preapplication Coordination

Preapplication coordination is required.

An environmental impact statement is required for this program.

An environmental impact assessment is required for this program.

This program is excluded from coverage under E.O.

12372.

Application Procedures

This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Submit application as described in 7 CFR 4280.39, no State plan required.

Award Procedures

RBS selects projects to be funded. The funds pass through the RUS utility to rural economic development projects.

Deadlines

Contact the headquarters or regional office, as appropriate, for application deadlines.

Authorization

Rural Electrification Act of 1936, as amended, Title III, 7 U.S.C. 930-940c.

Range of Approval/Disapproval Time

Open ended.

Appeals

Not Applicable.

Renewals

Renewal of same application for 1 year. Submit new or revised application as often as desired.

Assistance Considerations

Formula and Matching Requirements

This program has no statutory formula. Matching Requirements: Percent: 20%. This program has no statutory formula. Matching Requirements: Percent: 20%. This program requires supplemental funds in the amount of 20 percent of the RBS application amounts. MOE requirements are not applicable to this program. MOE requirements are not applicable to this program.

Length and Time Phasing of Assistance

annually. Method of awarding/releasing assistance: lump sum.

Post Assistance Requirements

Reports

Reporting need established in 7 CFR 4280, Subpart A.

Cash reports are not applicable.

Reporting need established in 7 CFR 4280, Subpart A.

Expenditure reports are not applicable.

Reporting need established in 7 CFR 4280, Subpart A.

Cash reports are not applicable.

Reporting need established in 7 CFR 4280, Subpart A.

Expenditure reports are not applicable.

Reporting need established in 7 CFR 4280, Subpart A.

Audits

In accordance with the provisions of 2 CFR 200, Subpart F - Audit Requirements, non-Federal entities that expend financial assistance of $750,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Non-Federal entities that expend less than $750,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in 2 CFR 200.503.

Records

Record retention requirements established in 7 CFR 4280, Subpart A.

Financial Information

Account Identification

12-3108-0-1-452; 12-3105-0-1-452; 12-4230-0-3-271.

Obigations

(Loan Guarantees/Grants) FY 16 $33,000,000; FY 17 est $85,000,000; and FY 18 est $0 - REDLG is a loan and grant program. Amounts listed for FY 2015, 2016, and 2017, are loan obligations. Grant obligations are: FY 2015 - $9,213,000, FY 2016 estimate - $12,000,000, FY 2016 estimate - $12,000,000.

Range and Average of Financial Assistance

Loans and Grants to establish Revolving Loan Fund Programs.

Regulations, Guidelines, and Literature

7 CFR 4280, Subpart A and the Rural Electrification Act of 1936.

Information Contacts

Regional or Local Office

See Regional Agency Offices. Contact your Rural Development State Office - http://www.rd.usda.gov/contact-us/state-offices.

Headquarters Office

Specialty Lenders Division, 1400 Independence Ave. S.W. Mail-Stop 3226, Washington, District of Columbia 20250 Phone: (202) 720-1400.

Criteria for Selecting Proposals

See 7 CFR 4280.42.


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