With only 9 weeks remaining in Fiscal Year 2013 (FY13), USDA still has over $100 million available for Business and Industry (B&I) Guaranteed Loans – more than 10% of the program’s appropriation. Consequently, the potential exists to provide B&I Guaranteed Loans in Delaware and Maryland. In FY13, we received an allocation of approximately $6.2 million for Delaware and $9.0 million for Maryland. To date, we have obligated $3.64 million in Maryland. While our state allocated funds were pooled on July 19th, we still have the opportunity to access loan funds. Funds not obligated by September 30th will be lost. Your help in getting out the word and working with us to process loan applications is critical.
We believe there is a need for the funds available for this program and do not wish to have these needed funds go unused. The objective of the B&I Guaranteed Loan Program is to guarantee quality loans made by lenders to improve the economic and environmental climate in rural areas. The following website can be used to verify rural area eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do. We would love for some of these remaining funds to be utilized in Delaware and Maryland to create and/or save jobs in our rural communities.