On July 5, 2023, Rural Development sent out the following Stakeholders Announcement. A link to the announcement can be found by clicking here.
USDA Announces Key Information to Help Rural Lenders Apply for Programs Under the OneRD Guarantee Loan Initiative in Fiscal Year 2024
WASHINGTON, July 5, 2023 – U.S. Department of Agriculture (USDA) Rural Development Under Secretary Xochitl Torres Small today announced key information to help rural lenders apply for loan programs under the OneRD Guarantee Loan Initiative in Fiscal Year 2024. Through the OneRD Guarantee Loan Initiative, USDA modernized its guaranteed lending rules and processes to increase private investment in rural businesses and economic development projects. This initiative also helps to improve customer service within four flagship loan guarantee programs. Only lenders are eligible to apply.
Eligible entities can negotiate rates and terms for their specific loan needs with the commercial lender of their choice. The lender can apply for a USDA loan guarantee that will give them more security to make financing available to the entity. Ahead of Fiscal Year 2024, USDA is providing guarantee percentages, annual fees, periodic retention fees and optional construction fees to help lenders apply for Rural Development’s four flagship loan guarantee programs:
- Water and Waste Disposal Loan Guarantees Program
- Community Facilities Guaranteed Loan Program
- Business and Industry Guaranteed Loan Program
- Rural Energy for America Guaranteed Loan Program
The fees are effective Oct. 1, 2023. For a complete list of fees and percentage changes, see page 42909 of the July 5 Federal Register. If the fees need to be adjusted after passage of the FY 2024 appropriations, the agency will publish a subsequent notice in the Federal Register.
To subscribe to USDA Rural Development updates, visit GovDelivery subscriber page.
USDA is an equal opportunity provider, employer and lender.