USDA encourages private investment in rural communities
WASHINGTON, DC (WIBW) – The United States Department of Agriculture is implementing the OneRD Guarantee Loan initiative which encourages private investment in rural communities.
The U.S. Department of Agriculture said Assistant Under Secretary for Rural Development Bette Brand announced the department was implementing the OneRD Guarantee Loan Initiative which released new information on rates and terms that help lenders apply for loan guarantees to support rural businesses, community infrastructure and facilities and will increase private investment in rural America.
“Under President Trump’s leadership, the USDA is committed to cutting red tape and streamlining investments, so that we can be a better partner with rural America’s leaders in building prosperity.” said the mark.
According to the USDA, before fiscal 2021, it will provide guarantee percentages, annual fees, periodic retention fees, and optional fees to help lenders apply to the Agency’s four loan guarantee programs, which are the following :
The USDA has said the fee is effective October 1, 2020, and additional information is available in the Federal Register.
According to the ministry, the announcement is part of the administration’s commitment to cut red tape and streamline regulations by increasing private investment under the OneRD Guarantee Loan Initiative.
The USDA said on July 13, 2020 that Secretary Sonny Perdue announced that the department was taking steps to increase private investment in rural communities across the country by making it easier for lenders to access loan guarantee programs.
According to the USDA, through a series of regulatory reforms, it is eliminating duplication of processes and launching a single platform for its four main loan guarantee programs.
The USDA also said it was standardizing requirements for credit reviews, loan processing, loan management, and loss claims. He said the measures make the application process simpler and faster for lenders.
The department said the regulatory changes will take effect on October 1, 2020, and more information is available on page 42494 of July 14, 2020, Federal Register.
Those interested can join the OneRD Guarantee Loan Initiative Subscription List be updated on the initiative.
To learn more about investments for rural offices, residents should contact their local USDA State Bureau of Rural Development.
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