Purpose

• Provides zero-interest loans to electric and telephone utilities financed by the Utilities Program, an agency of the United States Department of Agriculture, to promote sustainable rural economic development and job creation projects.
• Reference: Section 313 of the Rural Electrification Act of 1936 and 7 CFR 1703, Subpart B.

Eligibility and Disposition of Loan Proceeds

• Zero-interest loans can be made, at the discretion of the Administrator of the Business and Cooperative Programs, to any Utilities Program electric or telephone utility that is not delinquent on any Federal debt or in bankruptcy proceedings.
• The Utilities Program utility is required to re-lend, at zero-percent interest, the loan proceeds to an eligible "third-party recipient" for the purpose of financing job creation projects and sustainable economic development within rural areas. A rural area is any area of the United States not included within the boundaries of any urban area, as defined by the Bureau of the Census.
• The Utilities Program utility receiving the zero-interest loan is responsible for repaying the loan to Business Programs in the event of delinquency or default by the third-party recipient.

Third Party Recipients

Third-party recipients may be private or public organizations having corporate and legal authority to incur debt. If you are interested in a loan as a third-party recipient, you must apply to the Utilities Program utility in your area, not to Business Programs.


Eligible Government  Loan Purposes

Zero-interest loans will be provided to third-party recipients to finance projects that promote economic development and job creation in rural areas. Examples include but are not limited to:

• Business expansions and business startups, including cost of buildings, equipment, machinery, land, site development, and working capital.
• Community infrastructure necessary for economic development and job creation purposes.
• Community facilities and services necessary for economic development and job creation purposes.
• Medical facilities and equipment to provide medical care to rural residents.
• Educational facilities and equipment to provide training and job enhancement skills to rural residents to facilitate economic development.
• Business incubator projects to assist in developing emerging enterprises.

Ineligible Loan Purposes

Zero-interest loans will not be used by the Utilities Program utility or the third-party recipient for:

• Projects related to the sponsoring Utilities Program utility that would, in the judgment of Business Programs, create a conflict of interest, or present a potential for or the appearance of a conflict of interest.
   
• Project costs incurred by the third-party recipient prior to filing of the completed application with Business Programs.
   
• Refinancing or paying off any existing debt owed by the third-party recipient.
   
• Electric or telephone purposes related either to the Utilities Program utility or the third-party.
   
• Projects located in areas covered by the Coastal Barrier Resources Act or projects that would adversely impact the environment.
   
• Projects that will be used for residential purposes or entertainment purposes at the residential level.
   
• The purchase of an established business or operation or to primarily transfer property or real estate between owners without making substantial improvements or additions that will result in long-term job creation.
   
• Projects that will result in the transfer of existing employment or business activities from one area to another.
   

Availability of Government Grants Funds and Loan Award Size

For information concerning the amount of funds available for zero-interest loans under the Rural Economic Development Loan program, as well as the maximum and minimum loan award size, please contact the Rural Development State Office servicing your State.

 

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