USDA Providing $1 Billion in Loan Guarantees for Rural Businesses and Ag Producers
USDA is making available up to $1 billion in loan guarantees to help rural businesses meet their working capital needs during the coronavirus pandemic. Additionally, agricultural producers that are not eligible for USDA Farm Service Agency loans may receive funding under USDA Business & Industry (B&I) CARES Act Program provisions included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. B&I CARES Act Program loans must be used as working capital to prevent, prepare for, or respond to the effects of the coronavirus pandemic. The loans may be used only to support rural businesses, including agricultural producers. Eligible applicants should contact their local USDA Rural Development State Office in the state where the project is located. USDA is developing application guides on the B&I CARES Act Program for lenders and borrowers. The Agency also will host webinars on May 27 and June 3, 2020, to provide an overview of program requirements.