H.R. 10995: Rural Borrowing Improvement Act

This bill would extend the authorization for the Intermediary Relending Program, a federal rural development lending program run by the USDA.

What the program does

The Intermediary Relending Program provides loans to local organizations, such as nonprofits, cooperatives, or other approved intermediary lenders, which then lend that money to people and businesses in rural areas. Those downstream loans are typically used to help finance community and business development projects, such as:

• starting or expanding small businesses
• creating jobs in rural communities
• supporting local economic development projects
• helping rural areas access financing that may be harder to obtain from traditional lenders

What the bill changes

Current law authorizes this part of the program for the years 2014 through 2023. The bill would replace those dates with 2027 through 2031, effectively continuing the program for a new five-year period.

Practical effect

If enacted, the bill would keep this USDA lending program available after the current authorization period ends, allowing qualifying intermediary lenders to continue receiving federal loans and relending them in rural communities during the new time window.

Relevant Companies

None found.