ST. PAUL, Minn., Mar 05, 2012 -- Applications for Rural Economic Development Loans and Grants (REDLG) are due the last business day of each month through Sept. 30, 2012. Application should be submitted to the state office in St. Paul.
Eligible recipients are USDA rural utilities program borrowers (such as electric and telephone cooperatives). REDLG recipients pass the funds to local organizations for job creation and economic development projects, typically through a revolving loan fund.
The maximum funding for one project is $1 million for loans and $300,000 for grants.
USDA plans to award up to $79 million in loans and $10 million in grants. Minnesota has received about $10 million in REDLGs since 2009.
For more information, see the March 2 Federal Register.