Source: U.S. Department of Agriculture
The Community Facilities Program provides affordable funding to develop essential community facilities in rural areas under 20,000 population. The loan rate is now 2.125% (subject to change) and would be fixed for the life of the loan. Terms can be up to 40 years for acquisition or renovation of real estate and useful life if equipment purchase. This loan program has no fees or prepayment penalties and does not require prevailing wages.
You may also check out our Community Facilities website by clicking this link.
What can you do with Community Facilities loan?
(List not exhaustive – examples below via @RD_Pennsylvania)
- Purchase, construct, and/or improve essential community facilities
- Computer and technology upgrades
- Construction, acquisition, or rehabilitation of facilities and ADA compliance
- Parking and paving improvements
- HVAC equipment, electrical upgrades, emergency generators
- Interior improvements
- Training equipment (including Drug Awareness)