Have you heard of the Rural Economic Development Loan and Grant Program? If you’ve got land or are looking to purchase land that’ll need utilities installed, it’s definitely worth taking a look at!
According to USDA.gov, “The Rural Economic Development Loan and Grant program provides funding for rural projects through local utility organizations. USDA provides zero-interest loans to local utilities which they, in turn, pass through to local businesses (ultimate recipients) for projects that will create and retain employment in rural areas.”
In a nutshell, this program can help lower income people get grants for putting in utilities on raw land. In doing so, it creates jobs for local people and promotes rural development.
So, do you qualify for an RD loan or grant? First, your land must be in a rural area with less than 50,000 residents. Second, the funds must be used for one of the following:
- A business incubator
- Community development for nonprofits or other public areas that will create or enhance jobs
- Facilities and equipment that may educate or train rural residents.
- Facilities and equipment that will provide medical care for rural residents
- Financing fixed assets such as real estate, buildings, equipment or working capital
- Business expansion
- Technical assistance
The best part about an RD loan or grant? The interest rate is 0%, and it can pay for up to 80% of your project costs!
Be sure to check with your local Rural Development office for more details and to get started on your application. You can find your local office here: https://www.rd.usda.gov/contact-us/state-offices
If you’re planning to purchase or have already purchased rural land that’s in need of utilities, make sure to check out this amazing government program that can help cover most of the costs for you!
*We are not affiliated with this program, this blog is for informational purposes only*