New Funding Options: USDA Rural Development
Rural Development is a
financing agency within the U.S.
Department of Agriculture
(USDA) with several programs
available to assist businesses in
rural areas. Here are highlights of
three programs that may be of
interest to your business:
• Rural Development’s new
Business & Industry CARES
Act Program has nearly $1
billion in loan guarantee
authority for business owners
and agricultural producers
working to manage the impact
of COVID-19 economic
disruption.
• Rural Energy for America
(REAP) grants provide loan
financing and grant funding to
rural small businesses and
agricultural producers to
purchase or install renewable
energy systems or energy
efficiency improvements.
• The traditional Business &
Industry Guaranteed Loan.
August 2020 MiMfg Magazine 25
BREAKING NEWS
These loans can be used to
provide long term financing,
without balloons, for business
purchases, expansions, equipment
purchases and debt refinancing.
Additional assistance may be
available to help your business
overcome growth obstacles such
as new roads to facilities, increasing
water capacity and other auxiliary
needs. Contact the USDA’s Traci
Smith, at [email protected] or
517-324-5221, for assistance with
these programs.
Governor Touts MFG
in National Op-Ed
Ford Motor Company, General
Motors and Fiat Chrysler — all
MMA member companies — were
featured by name in an op-ed
penned by Governor Gretchen
Whitmer and appearing in The
Hill on 7/16/20. Highlighting
the hard work being done by
manufacturers who are on the
front lines of the COVID-19
response, the Governor addressed
the need for continued vigilance
and following existing protocols put
in place by leading health experts.
“What has always set Michigan
apart is the resiliency, ingenuity,
and pride that our people bring to
their businesses,” Governor Whitmer
wrote. “This was clearly evident in
how our entire labor force, from
engineers and manufacturers to
researchers and distillers, retooled
and produced many ventilators,
medical supplies, screening tests,
and hand sanitizer for our
essential workers.”
See thehill.com to read
the full piece. 6