June 30, 2017
Coleman News Flash — USDA B&I Lending Funding Restored by House Appropriations Subcommittee for FY18
By Bob Coleman
Editor, Coleman Report
Wednesday, the House Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration and Related Agencies restored funding for the USDA B&I Guaranteed Loan Program for Fiscal Year 2018.
Originally zeroed out in the Trump Administration’s budget, the committee approved funding a subsidy that supports a loan level of $819 Million.
The USDA B&I Guaranteed Loan Program provides lenders with a loan guaranty for small and medium-size businesses located in Rural America. Loans can be approved for up to $10 million, with exceptions to go higher.
From the committee:
· Business and Industry Loans – The legislation includes a loan level of $819 million for the rural business and industry loan program. This funding will help small businesses in rural areas, many of which face unique challenges due to local economic conditions.
More details to follow. . .