$1.7 Billion in Loan Assistance to Help Rural Businesses

Loans Provided through Recovery Act Funds will Help Strengthen Rural Communities Throughout America

WASHINGTON, July 29, 2009 - Agriculture Secretary Tom Vilsack today announced that USDA is now accepting applications for up to $1.7 billion to fund projects that help spur business activity and economic growth in rural communities. This infusion of money from the American Recovery and Reinvestment Act into rural business is designed to create and save jobs and help rural communities grow and prosper.

"The Recovery Act funds announced today will help businesses get access to the capital they need to launch and expand their businesses and help bring additional jobs to America's small cities and towns," said Vilsack. "President Obama and I are committed to building strong rural communities by helping businesses grow so we can put people back to work."

The funding announced today will be made available through USDA Rural Development's Business and Industry Guaranteed Loan program, which supports the development of private businesses. Eligible applicants include cooperative organizations, corporations, partnerships, nonprofit groups; federally recognized Indian tribes, public bodies and individuals. The funds will be targeted to creating and retaining quality jobs and serving difficult to reach populations, and areas hardest hit by the current economic downturn.

USDA will accept applications for this Business and Industry Guaranteed Loan program until Sept. 15, 2010, or until all funds are expended. Recovery Act funding will be available through Sept. 30, 2010. For information on eligibility criteria and for application assistance, please contact your state Rural Development office, or visit http://www.rurdev.usda.gov/ for a listing of all state offices.

For past examples of USDA Business and Industry Guaranteed Loans please click here.