The US Department of Agriculture offers several programs that can be useful for economic development projects, two of which in particular are the Community Facilities and Rural Utilities Programs:
The Community Facilities Program offers direct loans, loan guarantees and grants to develop or improve essential public services and facilities in communities across rural America. These amenities help increase the competitiveness of rural communities in attracting and retaining businesses that provide employment and services for their residents. Public bodies, non-profit organizations and federally recognized American Indian Tribes can use the funds to construct, expand or improve facilities that provide health care, education, public safety, and public services. Projects include fire and rescue stations, village and town halls, health care clinics, hospitals, adult and child care centers, assisted living facilities, rehabilitation centers, public buildings, schools, libraries, and many other community-based initiatives. Financing may also cover the costs for land acquisition, professional fees, and purchase of equipment. These facilities not only improve the basic quality of life, but also assist in the development and sustainability of rural America.
The USDA provides a “Community Facilities Infrastructure Toolkit” as a guide to help organizations and community leaders better understand the complex process that is required to successfully develop and construct a new facility.
USDA’s Rural Utilities Service (RUS) administers programs that provide much-needed infrastructure or infrastructure improvements to rural communities. These include water and waste treatment, electric power and telecommunications services. All of these services play a critical role in helping to expand ewconomic opportunities and improve the quality of life for rural residents. Grants, loan guarantees and direct loans are available. Contact CBO today to see what programs may apply to your project.