Thursday, Mar 28 2013 3:49PM

The USDA RD recently hosted a webinar instructing entities on how to obtain funding.

The U.S. Department of Agriculture Rural Development (USDA RD) recently held a webinar workshop in New Mexico that highlighted the Rural Business Enterprise Grant (RBEG) program and how entities could apply for the funds.

RBEG funds have been instrumental in helping promote economic community development through job growth, business creation and expansion and technical assistance programs. Several bodies are eligible for funding, including public entities, nonprofit organizations, public and private nonprofit institutions of higher education, and Native American tribes, the agency said. USDA RD provided $283,000 to assist six New Mexico recipients in 2012.

The funds themselves may be applied toward financing and growing small companies and covering technical assistance programs that administer business plan guidance, business development training or workshops.

Many small businesses in rural areas have struggled to obtain funding, but a large number of traditional lenders have tightened their lending conditions. However, USDA RD funding provides a range of grants and loans that can be used for several purposes. For example, the USDA provides funding to companies to cover their start-up costs and initial operating expenses. Other loans and grants are designed to help small rural companies invest in new technologies to function more efficiently. 

For more information, check out this resource: The U.S. Department of Agriculture Rural Development