The USDA told Business and Industry Guaranteed Loan Program stakeholders that it has discontinued allocating funds on an as-requested basis because the program is running low on authorized funding.
Monthly Awards: In an email to stakeholders, the department said it will award funds on a monthly basis until further notice. Funding awards will be based on project priority scores, and requests not selected for funding will be carried into the following month’s funding cycle.
Higher Demand: The USDA said the fiscal 2022 Appropriations Act provided $1.25 billion of loan guarantee authority for B&I guaranteed loans, but demand has doubled due to program enhancements under the new OneRD Initiative.