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Nebraska
Housing

Business and Cooperatives

Rural Economic Development Loan and Grant Program

Provides for a wide range of rural economic development and job creation projects that will improve the economic condition of rural areas.  Loans and grants are made to USDA Rural Development electric and telephone program borrowers who use the funds to provide financing for business and community development projects.  Projects may include business expansion and start-up, community development, business incubator, medical, training and technology projects, revolving loan funds, etc.

Eligibility:

  • Eligible applicants include USDA Rural Development program electric and telephone utilities.

 

Loan and Grant Terms and Conditions: 

  • Loans are made to eligible utility and telephone cooperatives.  Grant funds are available to eligible utility, telephone cooperatives and Public Power Districts.

 

  • Funds must be used to promote rural area projects that spur economic productivity and job creation.

 

  • The loan term is zero percent interest for a maximum of 10 years.

 

  • The loan is held to a minimum of $10,000 and the maximum amount is subject to availability of funds each fiscal year.

 

  • 20 percent supplemental funding is required for the loans from the project owner.

 

  • Grants are provided to utility cooperatives to support economic development projects.

 

  • With grants, the applicant must establish a revolving loan fund.

 

  • Grants are limited to a minimum of $10,000 and the maximum amount is subject to availability of funds each fiscal year.

 

  • 20 percent supplemental funding is required by the applicant for grants.  The 20 percent can be loaned to the project owner or a separate eligible project.

 

  • 20 percent supplemental funding is required for the grants from the project owner.

 

  • Eligible areas include unincorporated rural areas, cities, and towns with populations of less than 50,000.  Points are given to populations of 2,500 and under.

 

 

 

 

 

 

 

See Also
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Last Modified:12/11/2013 
 
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