USDA is now accepting applications for four key loan guarantee programs under the OneRD Guarantee Loan Initiative!
As a part of a series of regulatory reforms effective October 1, 2020, USDA has eliminated duplicative processes and has launched a common loan guarantee application for the Business & Industry Loan Guarantee Program, Rural Energy for America Loan Guarantee Program (REAP), Water & Waste Disposal Loan Guarantee Program, and the Community Facilities Guaranteed Loan Program.
As part of the new OneRD regulation, USDA has standardized requirements for credit reviews, loan processing, loan servicing and loss claims. These measures will make the application process simpler and faster.
These regulatory changes will allow USDA to:
- Reduce the time it takes for the Department to issue the loan note guarantee;
- Allow lenders to obtain approval for a loan note guarantee prior to the beginning of construction;
- Increase the guarantee percentage to 80 percent for all programs
