Revolving Fund Program | Apply Online

Opportunity Summary:

The Revolving Fund Program (RFP), offered through USDA Rural Development's Utilities Programs (RUS), is a discretionary grant opportunity designed to strengthen small and rural communities by improving access to financing for water and wastewater projects. Rather than funding local systems directly, the program works by awarding grants to qualified private, nonprofit organizations so they can create and operate a revolving loan fund. In practical terms, USDA provides seed money to a nonprofit, and that nonprofit then lends the money out to eligible local entities, with repayments returning to the fund so the dollars can be re-lent over time.

Only certain applicants can receive the federal grant under this opportunity. Eligible applicants are nonprofits with IRS-recognized 501(c)(3) status (excluding institutions of higher education). The expectation is that these nonprofits have the organizational capacity to manage a lending program, follow a grant work plan, and responsibly administer loans in a way that supports rural water and wastewater development. The funding opportunity indicates there will be a limited number of awards (an expected three awards), emphasizing that this is a competitive program.

The entities that can ultimately borrow from the revolving loan fund are the same types of entities that are eligible under the Water and Waste Disposal (WWD) loan and grant programs authorized by 7 U.S.C. 1926(a)(1) and (2). This generally aligns the revolving fund's target borrowers with the rural public and nonprofit organizations that typically develop, own, or operate community water and wastewater infrastructure and that meet Rural Utilities Service eligibility rules. The key idea is that the revolving fund is meant to complement, not replace, the standard USDA water and waste financing programs.

Loan proceeds from the revolving fund are intended for two main purposes. First, they can cover predevelopment costs for water or wastewater projects, which are the early-stage expenses that often make it hard for small communities to move a project forward, such as preliminary engineering work, feasibility analysis, environmental reviews, planning, and other up-front steps needed to get a project ready for construction financing. Second, they can support short-term, small capital projects that are not part of routine operations and maintenance of existing systems, meaning these dollars are aimed at discrete capital needs rather than day-to-day expenses like regular repairs, staffing, or ongoing utility bills.

The program places clear limits on the size and structure of loans made from the revolving fund. Financing to any single eligible entity cannot exceed $100,000. Each loan must be repaid within a term of no more than 10 years. The interest rate is not fixed in the notice itself; instead, it is established through the nonprofit's approved grant work plan, which effectively sets the lending terms the nonprofit will use as it operates the revolving fund. The federal grant opportunity also notes that cost sharing or matching is required, so applicants should be prepared to contribute non-federal resources or leverage other support as part of their proposed revolving fund model.

From an administrative perspective, this opportunity was posted on April 10, 2014, with an application closing date of May 27, 2014, and an archive date of June 26, 2014. The estimated total funding available was $1,000,000, with an award ceiling listed as $100,000. It is associated with CFDA number 10.864 (Grant Program to Establish a Fund for Financing Water and Wastewater Projects) and is categorized under funding activity areas that include agriculture, community development, environment, and health, reflecting the essential public health and economic development role of reliable water and wastewater services. For access issues with the full announcement, the listed contact was Joyce Taylor, Community Specialist, at 202-720-0499.

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