WASHINGTON - Agriculture Acting Under Secretary for Rural Development Douglas Faulkner Monday announced that USDA is accepting applications for $45.8 million in loans and grants to support rural communities and spur economic development through the Rural Economic Development Loan and Grant program.

“Creating and preserving jobs in rural America by helping businesses thrive is a fundamental part of USDA Rural Development's mission," Faulkner said. "These funds are intended to stimulate business expansion and promote entrepreneurship by helping local businesses get access to capital, technical assistance and new markets for their products and services."          

The Rural Economic Development Loan and Grant program provides no-interest loans to Rural Development utility program borrowers, which in turn re-lend the money to local entities to promote economic development and job creation.

Applications must be received by March 31 for 3rd quarter funding and June 30 for 4th quarter funding.