Governor Ron DeSantis today announces $3 million available through the Rural Community Development Revolving Loan Fund Program to fund projects in rural communities that create and retain jobs, maintain economic activity of an existing industry or promote diversification of the local economy.
“Opportunities for investment and economic development are critical to the health of local economies in all Florida communities across the state, but especially rural communities,” said Governor DeSantis. “Florida’s rural communities can utilize these resources to attract business growth and create new local jobs for their residents.”
The Rural Community Development Revolving Loan Fund Program, administered by the Florida Department of Economic Opportunity (DEO), provides local governments with access to financial assistance to promote the economic viability of rural Florida communities.
“Governor DeSantis is committed to strengthening Florida’s rural communities by making them more resilient to disasters and preparing them for the industry and workforce needs of tomorrow,” said DEO Executive Director Ken Lawson. “The Rural Revolving Loan Fund gives rural communities an opportunity to compete and to invest in economic development for their futures.”
The long-term goals of the Rural Community Development Revolving Loan Fund Program include the creation of jobs for the residents of rural Florida and an increase in economic vitality and diversification for these areas. The program is intended to be highly flexible, offering various loan amounts with variable payment options at an interest rate of 2 percent, below the prime rate.
Local governments in rural counties or economic development organizations substantially underwritten by a unit of local government within a rural county are eligible to apply for term loan funding. Eligible projects include any public purpose project that may be acquired, constructed or improved with the assistance of the program.
More information on the Rural Community Development Revolving Loan Fund can be found at FloridaJobs.org/RLF.