USDA to Provide $1 Billion in Loan Guarantees for Rural Businesses and Ag Producers
CCEDC would like to share with you valuable information at this time regarding the U.S. Department of Agriculture (USDA). 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. USDA intends to consider applications in the order they are received. However, the Department may assign priority points to projects if the demand for funds exceeds availability. Lenders and applicants may contact Justin Kirking, Acting Business Programs Director, at 715-345-7639 or Justin.Kirking@usda.gov. In addition to expanding eligibility to certain agricultural producers, these changes allow USDA [...]