FINANCING

USDA Rural Development

The vision of USDA Rural Development is to be partners in helping the people of rural America develop sustainable communities. Its mission is to enhance the ability of rural communities to develop, grow, and improve their quality of life by targeting financial and technical resources in areas of greatest need through activities of greatest potential.

Rural Business Opportunity Grants


Loan Amount	$50,000
Use of Funds	Grants made to public bodies, nonprofit corporations, Indian tribes on Federal or State reservations and other Federally recognized tribal groups, and cooperatives with members that are primarily rural residents and that conduct activities for the mutual benefit of members.
Rate of Interest	None
% of Financing Available	Up to 100% of project but generally only a portion.
Down Payment (Equity)	None
Typical Structure	A local government or nonprofit receives the grant and uses it for the benefit of local business by providing technical assistance for business development and economic development planning
Processing Time	60-90 days or longer
Eligible Projects	Identify and analyze business opportunities that will use local rural materials or human resources. This includes opportunities in export markets, as well as feasibility and business plan studies. Identify, train, and provide technical assistance to existing or prospective rural entrepreneurs and managers. Establish business support centers and otherwise assist in the creation of new rural businesses. Conduct local community or multi-county economic development planning. Establish centers for training, technology and trade that will provide training to rural businesses in the utilization of interactive communications technologies to develop international trade opportunities and markets. Conduct leadership development training of existing or prospective rural entrepreneurs and managers. Pay reasonable fees and charges for professional services necessary to conduct the technical assistance, training or planning functions.
Ineligible Businesses	Duplicate current services or replace or substitute support previously provided
Job Creation Criteria	None
Incentives	Grant
Fees	None
Contact Person	David Gaffaney USDA Rural Development 410 Farm Credit Service Building, 375 Jackson Street St. Paul, MN 55101 (651) 602-7814

For more information on this program, contact BLADC or visit the USDA’s Rural Development web site.

Brainerd Lakes Area Development Corporation

Minnesota

888-322-5232 or 218-828-0096

email us

Site Map | Privacy Page