ICBA urges funding for rural development programs

ICBA and other groups called on House appropriators to ensure adequate funding for key USDA rural development programs in the next COVID bill.

Background: The USDA’s Business and Industry guaranteed loan program is expected to exhaust current funding in the coming months and face a projected $1 billion shortfall in loan authority this fiscal year, though the pending COVID package doesn't address the shortfall.

ICBA Position: Policymakers should address the B&I program shortfall, renew the B&I CARES Act program, and extend the CARES Act's six months of payments for those with existing SBA loans to USDA Rural Development guaranteed loans.