Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Business Funding topic
No spam. Unsubscribe anytime.
EDA pursues USDA grants and considers a revolving loan fund for local businesses
Summary
Noah Mabe said an Intermediary Relending Program application to USDA required clarification and that staff will instead explore a Rural Business Development Grant to seed a revolving loan fund to support local business financing.
Noah Mabe reported he submitted an application to the U.S. Department of Agriculture for the Intermediary Relending Program but was told the application needed clarification. USDA representatives suggested the Rural Business Development Grant may be a better fit for an Authority-run revolving loan fund because the Authority lacks a loaning history.
Mabe said he will continue communications with USDA and complete an application for the Rural Business Development Grant to support development of a revolving loan fund. He committed to providing updates as the application progresses.
