BVTC is a proud sponsor of the United States Department of Agriculture (USA) rural Economic Development Loan Program (REDL). Through the combined efforts of the USADA Rural Development division and BVTC Directors, Management, and Staff, $1,830,000 has been awarded to local businesses in the BVTC service area.

The REDLG program is a zero percent (0%) interest loan program designed for businesses inside rural communities. The goal of the program is to assist businesses (either new or existing) with job creation, retention, and economic growth and development. The monies from the loan can be used for equipment, land, construction, expansion /remodel, or even initial operating capitol. However, the monies can NOT be used to repay previous debt incurred.

The amortization period of the loan is ten (10) years, with the first year of payment deferred, and the remainder paid back over the course of the next nine (9) years.

Applications generally take approximately three to six months to complete. Once the completed application has been reviewed by the state department of USDA, a clearance letter is issued to the business owner permitting work to begin on the project.

Once the application has passed the state level review, it moves on to compete at the national level in Washington D.C. Points are awarded based on the number of jobs created, jobs retained, overall economic impact on the community, and probability of success - to name a few.

For additional information on the REDLG program, please contact Jada Ackerman at 877-876-1228.