Rural Economic Development Grant Program
Description: Provides grants to Rural Utilities Service borrowers to promote rural economic development and job creation projects. Grants are used to establish revolving loan funds to provide infrastructure or community facilities in rural areas that will lead to economic stability.
Who Makes The Grant? USDA Rural Development
Who Is Eligible? Rural Utilities Service Electric and Telecommunication borrowers are eligible. (Gulf Coast Electric Cooperative)
Grant Amount: A maximum of $300,000 (Fiscal Year 2006) per grant application may be requested.
Other Criteria: Grant applications are scored on job creation, potential economic success of project, suitability of employment in the area, amount of supplemental funds and relative income, and employment levels.
Timeframes to Turn Around: Normal turn around time is approximately 5 months from initial receipt of an application to a decision on whether a project will be funded.
FY 2006 Funding Level: $10 Million