USDA Intermediary Relending Program for Fiscal Year 2024
OPPORTUNITY:
The Rural Business Cooperative Service (RBCS or Agency), an agency of the United States Department of Agriculture (USDA), invites applications under the Intermediary Relending Program (IRP) for fiscal year (FY) 2024, subject to availability of funding. This Notice is being issued before passage of a FY 2024 Consolidated Appropriations Act to allow applicants enough time to leverage financing, prepare and submit their applications, and give the Agency time to process program applications within FY 2024.
DESCRIPTION:
This program provides low-interest loans to local lenders ‘‘intermediaries’’ who lend to businesses to help improve economic conditions and create jobs in rural communities. This purpose is achieved through the loans made to intermediaries that establish a revolving loan fund to provide loans to ultimate recipients to promote community development, establish new businesses, establish and support microlending programs, and create or retain employment opportunities in rural areas (any area, including a city or town, that has a population of fewer than 50,000 residents. Any urbanized areas contiguous and adjacent to a city or town of 50,000 or more residents may not be eligible).
COST SHARING:
The maximum loan amount to an ultimate recipient is the lesser of $400,000 or 50% of the loan to an intermediary lender.
ELIGIBLE APPLICANTS:
The following are eligible intermediary lenders:
- Nonprofits and cooperatives
- Federally recognized tribes
- Public agencies
- Cooperatives
The following are eligible to apply for a loan from the intermediary lender as an ultimate recipient:
- Individuals
- Public or private organizations
FUNDING AVAILABLE AND APPLICATION WINDOW:
FUNDING AVAILABILITY: Estimated $18,889,000. The Agency anticipates a maximum award of $1 million for eligible Intermediaries submitting a loan request.
APPLICATION DEADLINE: Competitions for the available loan and grant funds will be made quarterly for applications that are received no later than 11:59 p.m. Eastern time on the first Quarter, September 30, 2023; Second Quarter, December 31, 2023; Third Quarter, March 31, 2024; and Fourth Quarter, June 30, 2024.
