USDA Touts Rural Economic Development Program

A USDA funding program gives resources for building rural economies and rural development. Rural Cooperative Business Service Administrator Karama Neal, said when it comes to the scope of the Rural Economic Development Loans and Grants program, "typically rural electric cooperatives can borrow the funds at 0% interest from us," Neal added. "And then those borrowers, those rural electric cooperatives, use those USDA funds to make loans to local businesses for projects that create and retain jobs in rural areas, and in towns with populations of fewer than 50 residents.]Recently $14 million dollars in grants and loans were allocated to rural economic development projects in 10 states.

Projects range from constructing and storm shelter and renovating facilities at a local school to improving roads and infrastructure within a rural community. Neal added, State Rural Development offices have more information about his program. Visit RD's Website to find your local state contact information.

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