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Attachment V - Rural Economic Development Loans and Grants (10.854)
I. Program Objectives
The purpose of the Rural Economic Development Loan and Grant (REDLG) Program is to promote rural economic development and job creation projects through electric and telecommunication utilities financed by the Rural Development's Utilities Programs.
II. Program Procedures
Loans and grants are made to electric and telecommunications borrowers to assist in financing a wide range of business and community development projects in rural areas. The program is authorized under the Rural Electrification Act of 1936, as amended, Title III, U.S.C. 930-940c. The program is administered by the Rural Business-Cooperative Service.
III. Compliance Requirements and Audit Procedures
Utilities Programs borrowers receiving REDLG loans and grants are subject to the audit procedures and requirements contained in 7 CFR Part 1773, Policy on Audits of RUS Borrowers..
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