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Dorchester County Economic Development Securing Business CASH: Capital, Acquisition, Start-up Help Rural Development Letitia Nichols, Director Bruce Weaver,

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Presentation on theme: "Dorchester County Economic Development Securing Business CASH: Capital, Acquisition, Start-up Help Rural Development Letitia Nichols, Director Bruce Weaver,"— Presentation transcript:

1 Dorchester County Economic Development Securing Business CASH: Capital, Acquisition, Start-up Help Rural Development Letitia Nichols, Director Bruce Weaver, Specialist July 18, 2013 Cambridge, MD

2 Mission: Increase economic opportunity and improve quality of life for rural Americans. Committed to the future of rural communities. Rural Development

3 Rural Area Eligibility: Online Mapping Tool: Rural Development

4 Business Loans: Business and Industry (B&I) Guaranteed Loans –Improve, develop, or finance business, industry, and employment and improve economic and environmental climate through the guarantee of quality loans. Rural Development

5 Business Loans: Business and Industry (B&I) Guaranteed Loans –Possible loan purposes Business acquisitions, construction, expansion/land development, production when part of an integrated process and/or marketing operation. Hotels, motels, bed & breakfast and other tourism & recreation facilities Start-up costs, working capital, and refinancing of outstanding debt. Aquaculture, commercial fishing, commercial nurseries, mushrooms, hydroponics, and education/training facilities. Financing of housing developments under special circumstances. Rural Development

6 Business Loans: Intermediary Relending Program (IRP) –Alleviate poverty and increase economic activity and employment, through financing targeted primarily towards smaller and emerging businesses. Loans made to intermediaries that establish programs for the purpose of providing loans to ultimate recipients for business and economic development. –FY13 Funding: Federal Register published the NOSA on April 8 th. Program level funding – approximately $17.7 million. Applications had to be received by June 28 th. An intermediary may borrow up to $1 million. Rural Development

7 Energy Assistance Loans, Grants, and Payments: Rural Energy for America Program (REAP) –Guaranteed loans, grants, or a combination grant and guaranteed loan to purchase and install renewable energy systems and energy efficiency improvements. –Grants for renewable energy system feasibility studies; and –Grants for energy audits and providing recommendations and information on renewable energy development assistance and improving energy efficiency. –FY13 Funding: Federal Register published NOFA on March 29 th. Federal Register published an amended to the NOFA on June 11 th. Program level funding – approximately $173.3 million. Applications had to be received by June 14 th (grants/combos) and July 15 th (loans). Energy efficiency grants: $1,500 minimum; $250,000 maximum. Renewable energy grants: $2,500 minimum; $500,000 maximum Rural Development

8 Business Grants: Value-Added Producer Grants (VAPGs) –Grants to enable viable agricultural producers to develop businesses that produce and market value-added agricultural products. Planning grant (i.e., feasibility study, marketing plan) - $100,000 Working capital grant (i.e., labor, advertising) - $300,000 –FY13 Funding: Awaiting publication of Federal Register NOFA. Expected sometime in August or September. A series of webinars are planned for September, or as soon as the NOFA is released. Rural Development

9 Letitia Nichols, Director Bruce Weaver, Specialist B&I, Energy Programs, VAPG Jeff Williams, Specialist IRP, Business Grants Brandi Burwell, Specialist* Community Programs, RBEG Rhonda Selle, Technician Rural Development

10 Business and Cooperative Programs | Delaware – Maryland Rural Development United States Department of Agriculture 1221 College Park Drive, Suite 200 Dover, DE Phone: | Fax: | TDD: | “Committed to the future of rural communities.” Stay Connected with USDA: USDA is an equal opportunity provider and employer. Rural Development


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