MassDevelopment, the state-wide economic development organization, has become a certified lender in the U.S. Department of Agriculture’s rural development business and industry loan guarantee program.
With the designation, MassDevelopment can guarantee up to 80 percent of some loans for businesses and nonprofits that are in rural areas, which must have a population of less than 50,000. The loans can be used for real estate, equipment, supplies and inventories, working capital, agricultural projects and refinancing, according to MassDevelopment.
MassDevelopment financed or managed 229 projects last year across Massachusetts, helping to create more than 1,400 housing units and more than 8,000 jobs.
