The USDA Rural Utilities Service (RUS) mission is to enhance the quality of life and improve economic opportunity in rural communities by providing financing for the basic infrastructure of modern life.
The Revolving Fund Program (RFP) Grant Program for Fiscal Year 2024 is designed to support rural communities by funding the establishment of revolving funds. These funds are intended for financing the predevelopment costs associated with water and wastewater projects, among other purposes. Eligible applicants who receive these grants can use the revolving fund to cover various project expenses, with a keen emphasis on incorporating energy efficiency, resiliency, and water reuse technologies into their capital projects. Financial terms under this program allow for a maximum loan financing of up to $200,000 or 75 percent of the project cost, whichever is less, with a repayment term of no more than 10 years. The interest rate for these loans is to be determined by the grant recipient with approval from RUS, ensuring financial feasibility for the execution of vital water and wastewater infrastructure projects in rural areas.