Rapid City, SD, Jan 29, 2013 -- USDA Rural Development and partners will hold a revolving loan fund stakeholder roundtable at 10:30 a.m. MST on January 31, 2013 in Rapid City, SD at the Rural Development field office located at 414 East Stumer Road, Rapid City. Attendees will learn about the various revolving loan fund programs that USDA Rural Development offers and the compliance requirements for these programs.
A Revolving Loan Fund (RLF) is a source of money from which loans are made for multiple small business development projects. The fund gets its name from the revolving loan aspect of loan repayment, where the central fund is replenished as individual projects pay back their loans, creating the opportunity to issue other loans to new projects.
RLF lending aims to help new projects or business owners to become financially independent and eventually to become eligible for loans from commercial banks. RLFs are also an excellent source of gap financing; between the borrower’s equity injection and the funds available from other traditional lending sources.
USDA Rural Development offers four revolving loan programs including the Rural Business Enterprise Grant (RBEG), Intermediary Relending Program (IRP), Rural Microentrepreneur Assistance Program (RMAP), and Rural Economic Development Grant (REDG) programs. Active revolving loan funds are present throughout the state. You may visit the following website to find revolving loan fund opportunities in your county: http://www.rurdev.usda.gov/SD_RLFMap.html
South Dakota Rural Development has 83 intermediaries with more than 748 ultimate recipients, which have created/saved nearly 25,303 jobs.
For additional information on Rural Development projects, please visit Rural Development’s new interactive web map featuring program funding and success stories for fiscal years 2009-2012. The data can be found at: http://www.rurdev.usda.gov/RDSuccessStories.html.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Tom Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA, through its Rural Development mission area, has an active portfolio of more than $176 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.