COLUMBIA - USDA Rural Development is accepting applications for the Guaranteed Business and Industry Loan Program.

This program funding aims to strengthen rural South Carolina communities by creating and maintaining employment.

The B&I Guaranteed Loan Program allows lenders to make larger loans, provide more competitive rates and longer terms, and bring additional capital into the community.

Loan proceeds may be used for working capital, purchase of machinery and equipment, purchase of buildings and real estate, and certain types of debt refinancing.

Banks and other authorized commercial lenders target communities with populations of 50,000 or less and locations not closely associated with urban areas. Priority is given to applications for loans in rural communities with a population of 25,000 people or less.

Interest rates for loans may be fixed or variable and are negotiated between the lender and borrower.

Rural Development, through its Community Facilities Program, provides financial assistance to develop essential community facilities for public use in rural areas.

These facilities include schools, libraries, childcare, hospitals, medical clinics, assisted living facilities, fire and rescue stations, police stations, community centers, public buildings and transportation.

USDA Rural Development’s mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents.

For more information regarding USDA Rural Development programs, call (803) 765-5163, or visit USDA’s web site at http://www.rurdev.usda.gov.

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