The USDA told Business and Industry Guaranteed Loan Program stakeholders that it has discontinued allocating funds on an as-requested basis because the program is running low on authorized funding.
USDA B&I loan program funding running out
May 31, 2022 / By ICBA
The USDA told Business and Industry Guaranteed Loan Program stakeholders that it has discontinued allocating funds on an as-requested basis because the program is running low on authorized funding.
The USDA told Business and Industry Guaranteed Loan Program stakeholders that it has discontinued allocating funds on an as-requested basis because the program is running low on authorized funding.
Monthly Awards: In an email to stakeholders, the department said it will award funds on a monthly basis until further notice. Funding awards will be based on project priority scores, and requests not selected for funding will be carried into the following month’s funding cycle.
Higher Demand: The USDA said the fiscal 2022 Appropriations Act provided $1.25 billion of loan guarantee authority for B&I guaranteed loans, but demand has doubled due to program enhancements under the new OneRD Initiative.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
