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USDA Rural Business Development Grant (RBDG) Enterprise Opportunity For Small and Emerging Businesses

CONTACT:  

Lynda D. Perry, Grants & Revenue Development Consultant 

lyndadperry@gmail.com505-692-9666 

  

For Immediate Release:  

 

USDA Rural Business Development Grant (RBDG) Enterprise Opportunity 

For Small and Emerging Businesses 

 

The Town of Red River would like to invite small and emerging businesses within Town limits the opportunity to collaborate on an USDA Rural Business Development Grant. 

What is a “Small and Emerging Business?”  For the purposes of this grant, a “small and emerging business” is a private business which will employ less than 50 or fewer new employees and has less than $1 million in gross revenue.   

What does this program do?  RDBG is a competitive grant designed to support the development or expansion of small and emerging businesses through funding activities such as acquisition or development of land, easements, or right of ways, construction, conversion, renovation of buildings, plants, purchase of machinery or equipment, access streets and roads, parking areas, and utilities.  Other initiatives supported include rural distance learning for job training and advancement for adult students; rural business incubators, pollution control and abatement. 

How much funding is available?  Generally, grants range from $10,000 up to $500,000. 

How are applications evaluated?  All applications are evaluated based on evidence of showing job creation to occur with local businesses, percent of nonfederal funding committed to the project, economic need in the area to be served, consistency with local economic development priorities, and experience of the grantee with similar projects. 

What information will be needed?  To be considered by USDA, three years of financial statements and the applicant’s tangible net worth must be positive to be eligible.  Tax returns are not financial statements.  If the applicant is less than 3 years old, at a minimum, information should include all balance sheets, income statements and cash flow statements. 

Types of businesses include manufacturing, distilleries, retail, construction, hospitality, forestry, recreation, etc. 

If interested, please contact Lynda Perry, 505-692-9666 by Friday, January 20, 2023.