COLORADO |
Rural Development
COMMUNITY FACILITIES LOAN
and
GRANT PROGRAMS
Select resources to find additional information on Community Facilities
Rural Development Community Facilities - Direct Loan
Purpose: What is the Program's Goal? USDA Rural Development makes loans to develop essential community facilities.
Eligible Applicants: Who can apply? Non-profits, tribes, and public bodies (e.g., towns or counties), who are unable to obtain commercial credit.Eligible Areas: Unincorporated rural areas, cities, and towns with populations less than 20,000.
Authorized Purposes: What can funds be used for? The loans may be used to build facilities and purchase equipment. Types of projects include clinics, shelters, public buildings, day care centers, fire stations, and fire trucks. More detailed listing of facility types.
Typical Amount of Assistance: $50,000 - $1,000,000
Rates & Terms (rates subject to change): 40 years maximum (rates are subject to change quarterly); Up to 100% of market value.
Keys to Success: The loan must be fully secured by a lien on the property financed or by a pledge of user revenues.
When to Apply: Year round.
Who to Contact: Program is administered through the Business & Community Program.
Rural Development Community Facilities - Guaranteed
Purpose: What is the Program's Goal? USDA Rural Development guarantees loans to develop essential community facilities in rural areas
Program Type: How does it work? A financial institution, such as a bank, credit union or savings & loan must be willing to make the loan. USDA Rural Development only guarantees loans made by the lending institution.
Eligible Applicants: Who can apply? Banks and other commercial lenders who make loans to non-profits, tribes, and public bodies (e.g., towns or counties).
Eligible Areas: Unincorporated rural areas, cities, and towns with populations less than 20,000.
Authorized Purposes: What can funds be used for? Guaranteed loans can be used to build facilities and purchase equipment. Types of projects include clinics, shelters, public buildings, day care centers, fire stations, fire trucks, and recreational activities. More detailed listing of facility types.
Typical Amount of Assistance: $100,000 - $2,000,000.
Rates & Terms (rates subject to change): Negotiated between borrower and lender. Fixed or variable rates.
When to Apply: Year round.
Who to Contact: Program is administered through the Business & Community Program.
Rural Development Community Facilities - Grant
Purpose: What is the Program's Goal? USDA Rural Development makes grants to help communities.
Eligible Applicants: Who can apply? Applicant must not be able to obtain needed funding from financial institutions at reasonable rates and terms, including Rural Development Community Facilities Loan. Non-profits, tribes, and public bodies (e.g., towns or counties).
Eligible Areas: Unincorporated rural areas, cities, and towns with populations less than 20,000.
Authorized Purposes: What can funds be used for? The grants can be used for real estate and equipment. Types of projects include clinics, shelters, public buildings, daycare centers, fire stations, and fire trucks. More detailed listing of facility types.
Typical Amount of Assistance: The grant may pay for 15-75% of the project cost depending on the community's population & median household income. Colorado's total grant funds are limited and are distributed among grantees based on the ranking of the grantees' application.
Rates & Terms (rates subject to change): Grant.
Keys to Success: Must serve areas where median household income (mhi) is below the higher of the poverty line or the eligible percentage (60 - 90%) of state non-metro mhi.
When to Apply: Year round.
Who to Contact: Program is administered through the Business & Community Program.
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