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Business Development
Programs This type of assistance is available in rural areas which are outside the boundary of a city or town of 50,000 or more inhabitants and its immediately adjacent urbanized area. For information
regarding eligible Business & Industry Loan Program communities click
here (Rural Business Loan Eligibility Identifier)
Business and
Industry Loans (B&I) Loans are made to
improve, develop or finance business, industry and employment and improve
the economic and environmental climate in rural communities, including
pollution abatement and control. The objective is achieved principally
through bolstering a loan made by a private lender with guarantees by the
federal government. Direct loans are also available on a limited basis.
The funds may be used for real estate purchase or improvement, equipment
or capital.
Rural Business
Grants are made to
assist public bodies and non-profit corporations to finance and facilitate
development of small and emerging private business enterprises. Small and
emerging businesses have 50 or less employees and less than $1.0 million
in gross revenues. Grants are primarily to be used by eligible non-profits
or public entities to provide technical assistance or establish a
revolving loan fund. Revolving loan funds can provide micro-loans to small
business which may be for the purchase of land, construction of
facilities, and other business purposes. Intermediary
Re-lending Program Loans
(IRP) Loans are made to
eligible intermediaries (non-profit or public entities) who in turn
provide loans to ultimate recipients for business facilities and community
development in a rural area. The interest rate on the loan to the
intermediary is one percent with a term of up to 30 years. Eligible
applicants must have a record of successfully assisting rural businesses,
including experience in making and servicing commercial
loans.
Rural Development
- Southern New England Jurisdiction |
