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Dorchester County Economic Development Securing Business CASH: Capital, Acquisition, Start-up Help

Learn about Rural Development programs in Dorchester County, Maryland that secure business capital and aid with business acquisition and startup. Letitia Nichols, Director, and Bruce Weaver, Specialist, have been working since July 18, 2013 to improve the economic climate in the area.

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Dorchester County Economic Development Securing Business CASH: Capital, Acquisition, Start-up Help

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  1. Rural Development Dorchester County Economic DevelopmentSecuring Business CASH: Capital, Acquisition, Start-up Help Letitia Nichols, DirectorBruce Weaver, Specialist July 18, 2013Cambridge, MD

  2. Rural Development Mission: • Increase economic opportunity and improve quality of life for rural Americans. Committed to the future of rural communities.

  3. Rural Development Rural Area Eligibility: • Online Mapping Tool: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

  4. Rural Development Business Loans: • Business and Industry (B&I) Guaranteed Loans • Improve, develop, or finance business, industry, and employment and improve economic and environmental climate through the guarantee of quality loans.

  5. Rural Development Business Loans: • Business and Industry (B&I) Guaranteed Loans • Possible loan purposes • Business acquisitions, construction, expansion/land development, production when part of an integrated process and/or marketing operation. • Hotels, motels, bed & breakfast and other tourism & recreation facilities • Start-up costs, working capital, and refinancing of outstanding debt. • Aquaculture, commercial fishing, commercial nurseries, mushrooms, hydroponics, and education/training facilities. • Financing of housing developments under special circumstances.

  6. Rural Development Business Loans: • Intermediary Relending Program (IRP) • Alleviate poverty and increase economic activity and employment, through financing targeted primarily towards smaller and emerging businesses. Loans made to intermediaries that establish programs for the purpose of providing loans to ultimate recipients for business and economic development. • FY13 Funding: • Federal Register published the NOSA on April 8th. • Program level funding – approximately $17.7 million. • Applications had to be receivedby June 28th. • An intermediary may borrow up to $1 million.

  7. Rural Development Energy Assistance Loans, Grants, and Payments: • Rural Energy for America Program (REAP) • Guaranteed loans, grants, or a combination grant and guaranteed loan to purchase and install renewable energy systems and energy efficiency improvements. • Grants for renewable energy system feasibility studies; and • Grants for energy audits and providing recommendations and information on renewable energy development assistance and improving energy efficiency. • FY13 Funding: • Federal Register published NOFA on March 29th. • Federal Register published an amended to the NOFA on June 11th. • Program level funding – approximately $173.3 million. • Applications had to be received by June 14th (grants/combos) and July 15th (loans). • Energy efficiency grants: $1,500 minimum; $250,000 maximum. • Renewable energy grants: $2,500 minimum; $500,000 maximum

  8. Rural Development Business Grants: • Value-Added Producer Grants (VAPGs) • Grants to enable viable agricultural producers to develop businesses that produce and market value-added agricultural products. • Planning grant (i.e., feasibility study, marketing plan) - $100,000 • Working capital grant (i.e., labor, advertising) - $300,000 • FY13 Funding: • Awaiting publication of Federal Register NOFA. Expected sometime in August or September. A series of webinars are planned for September, or as soon as the NOFA is released.

  9. Rural Development

  10. Rural Development Business and Cooperative Programs | Delaware – Maryland Rural Development United States Department of Agriculture 1221 College Park Drive, Suite 200 Dover, DE 19904 Phone: 302.857.3628 | Fax: 302.857.3635 | TDD: 302.857.3585 www.rurdev.usda.gov | “Committed to the future of rural communities.” Stay Connected with USDA: www.rurdev.usda.gov/de www.rurdev.usda.gov/md www.twitter.com/RD_DE_MD USDA is an equal opportunity provider and employer.

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