Huron, SD, Feb 06, 2013 -- Despite the uncertainty surrounding federal budgets and programs this year, USDA Rural Development is seeking applications for the Business and Industry (B&I) Guaranteed Loan Program. Through the B&I Program, USDA Rural Development can provide a 60 to 80 percent guarantee on a qualifying rural business loan made by an eligible commercial lender.
The B&I Program is a national program and its funding is anticipated to be $1billion this fiscal year (October 1, 2012 to September 30, 2013). In South Dakota, we anticipate having access to additional nationwide funds during this fiscal year.
The B&I Program has proven to be a valuable mechanism, helping numerous rural businesses gain access to affordable business capital and, thereby, improving the overall economic climate in rural South Dakota. In Fiscal Year 2012 alone in South Dakota, USDA Rural Development delivered more than $33.2 million in the state, leveraging $128 million and assisting nine businesses. This economic support created or retained over 109 jobs in the state. Recently four top banks were honored for their collaborative work in utilizing the USDA Rural Development Business & Industry (B & I) Loan Guarantee program. Great Western Bank of Rapid City, First Interstate Bank of Sturgis, BankWest of Pierre and First Interstate Bank of Wall, South Dakota were recently highlighted as top lenders through the B & I program.
USDA Rural Development is issuing this announcement prior to passage of a final appropriations bill for Federal Fiscal Year 2013 to allow potential applicants more time to prepare their applications.
For more information on the B&I Program visit: http://www.rurdev.usda.gov/BCP_gar.html.
For more information on this program, to discuss a proposed project or to obtain an application template, please contact one of the following Area Directors:
* Bruce Jones, email@example.com or 605-226-3360, extension 4 – serving Brookings, Brown, Clark, Codington, Day, Deuel, Edmunds, Grant, Hamlin, Kingsbury, Marshall, McPherson, and Roberts Counties.
* Trace Davids, firstname.lastname@example.org or 605-330-4515, extension 4 – serving Aurora, Beadle, Bon Homme, Brule, Buffalo, Charles Mix, Clay, Davison, Douglas, Faulk, Gregory, Hand, Hanson, Hutchinson, Hyde, Jerauld, Lake, Lincoln, Lyman, McCook, Miner, Minnehaha, Moody, Sanborn, Spink, Tripp, Turner, Union, and Yankton Counties.
* Tim Potts, email@example.com or 605-342-0301, extension 4 – serving Bennett, Butte, Campbell, Corson, Custer, Dewey, Fall River, Haakon, Harding, Hughes, Jackson, Jones, Lawrence, Meade, Mellette, Pennington, Perkins, Potter, Shannon, Stanley, Sully, Todd, Walworth, and Ziebach Counties.
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.