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USDA is offering priority points to projects
that advance key priorities under the Biden-Harris
Administration to create new and better market opportunities,
advance equity, and combat climate change. These extra points
will increase the likelihood of funding for projects that will
advance these key priorities in rural places.
The funding is being made available under the Intermediary
Relending Program. The program provides low-interest loans to
local lenders or “intermediaries” that re-lend the funds to
businesses to improve economic conditions and create new
opportunities in rural communities. Eligible intermediary
lenders include nonprofit corporations, cooperatives, federally
recognized tribes and public agencies.
Loans from an intermediary to an ultimate recipient business may
be used to:
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acquire, build,
convert, expand or repair a business or business facility.
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purchase or develop
land.
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purchase equipment,
machinery or supplies, or make leasehold improvements.
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support start-up
costs and working capital.
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control and abate
pollution.
support transportation services.
Applications are accepted on quarterly basis
and must be submitted to the applicant’s local Rural Development
Office no later than 4:30 p.m. (local time) by the following
dates:
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First Quarter:
Sept. 30, 2022.
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Second Quarter:
Dec. 31, 2022.
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Third Quarter:
March 31, 2023.
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Fourth Quarter:
June 30, 2023.
Eligible applications that are not funded in
the quarter received will automatically compete for funding in
up to three additional quarters.
For additional information, see page 53452 of the August 31,
2022, Federal Register.
If you’d like to subscribe to USDA Rural Development updates in
Illinois, visit our GovDelivery subscriber page.
[Matthew Harris, USDA Business
Programs Specialist]
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