FUNDING
Strategic Economic and Community Development
Strategic Economic and Community Development (SECD) is a new provision from the 2014 Farm Bill that prioritizes projects which support the implementation of multi-jurisdictional plans whose long-term community and economic growth strategies reflect stakeholder collaboration and the unique strengths of rural communities. SECD sets aside up to 10 percent of program funds in Rural Development’s Community Facilities, Water and Environmental Programs, Business & Industry Guaranteed Loans, and Rural Business Development Grants for these purposes.
Rural Business Cooperative-Service Administrator Sam Rikkers announces USDA is seeking applications for loans and grants to help support the start-up or expansion of rural businesses. The funding is being provided through the Rural Economic Development Loan and Grant (REDLG) program. Under this program, USDA provides zero-interest loans and grants to local utilities, which use the funding to create revolving funds for projects that will create or retain jobs in rural areas. USDA is making $37 million in loans and $11 million in grants available. A recipient may receive a loan of up to $1 million, or a grant of up to $300,000.
Obama Administration Announces $66M via POWER Initiative
In partnership with the Appalachian Regional Commission (ARC), the Economic Development Administration (EDA) announced the availability of $65.8 million in new funding through the Partnerships for Opportunity and Workforce and Economic Revitalization (POWER) initiative. The POWER Initiative is a multi-agency effort aligning and targeting federal economic and workforce development resources to communities, regions and workers that have been affected by job losses in coal mining, coal power plant operations, and coal-related supply chain industries. The new funding will help communities and regions develop new strategies for economic growth and worker advancement. Read more...
