WASHINGTON, D.C. — The U.S. Department of Agriculture (USDA) is making available up to $1 billion in loan guarantees to help rural businesses meet their working capital needs during the coronavirus pandemic. Additionally, agricultural producers that are not eligible for USDA Farm Service Agency loans may receive funding under USDA Business & Industry (B&I) CARES Act Program provisions included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
B&I CARES Act Program loans must be used as working capital to prevent, prepare for or respond to the effects of the coronavirus pandemic. The loans may be used only to support rural businesses, including agricultural producers, that were in operation on Feb. 15, 2020.
The Department began accepting applications on May 22, 2020. Applications must be received no later than midnight Eastern Daylight Time on September 15, 2021, or until funds are expended. Program funding expires Sept. 30, 2021.
Eligible applicants may contact their local USDA Rural Development State Office in the state where the project is located.
Eligible Program Applicants: Federal or State-Chartered Banks, Savings and Loans, Farm Credit Banks, Credit Unions
Webinar Topics: Program and Application Requirements, Program Resources, Guidance on How to Apply.
Who Should Attend:
Rural Lenders, Stakeholders and the General Public
To Register, Visit:
— USDA Rural Development