Overview
What is Rural Development Fund?
The Rural Development Fund (RDF) is a nonprofit organization situated in Casper, Wyoming. Its primary objective is to assist small businesses in the state by providing them with capital access, facilitating growth, and creating job opportunities. RDF achieves this through various programs, including a $5 million Revolving Loan Fund (RLF) program provided by the Economic Development Administration (EDA). RDF also utilizes a United States Department of Agriculture (USDA) Rural Business Enterprise Grant (RBEG) worth $170,000 to support eligible commercial businesses in specific counties. The RDF aims to grow its network of commercial lenders throughout Wyoming and has 2.5 years to deploy its EDA RLF allocation. The mission of the EDA, which funds this program, is to promote competitiveness, prepare regions for growth, and create jobs in the U.S. economy.
Official website here: www.wyomingrdf.org
Is Rural Development Fund legitimate?
Rural Development Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Rural Development Fund submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.wyomingrdf.org
What is the mission statement of Rural Development Fund?
The Rural Development Fund's mission is centered around assisting small businesses in gaining access to capital. This objective is aimed at fostering growth, prosperity, and job creation within these businesses. By providing financial support, the fund seeks to contribute to the overall economic development and success of these businesses. It operates under the auspices of a broader economic development agenda, guided by the United States Economic Development Administration, an agency within the U.S. Department of Commerce. The fund's activities are supported by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, providing it with funds to assist communities in responding to the coronavirus pandemic.
Official website here: www.wyomingrdf.org
What is the revenue of Rural Development Fund?
Rural Development Fund's revenue in 2023 was $1,880,246.
Official website here: www.wyomingrdf.org
Who are the executives of Rural Development Fund and what are their salaries?
There 3 volunteers at Rural Development Fund.
Here are 3 key members and their salaries:
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Official website here: www.wyomingrdf.org
Where can I find the form 990 for Rural Development Fund?
Rural Development Fund's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.wyomingrdf.org
Learn more at the official website: www.wyomingrdf.org
Mission Statement of Rural Development Fund
The Rural Development Fund, as a nonprofit entity, is committed to assisting small businesses in Wyoming. Its mission is geared towards enabling these businesses to secure capital, thereby facilitating their growth, prosperity, and creation of job opportunities. The organization operates under the belief that by supporting these small businesses, it contributes to the overall economic development of the rural communities in Wyoming.
This mission aligns with the broader objective of the U.S. Economic Development Administration (EDA), an agency within the U.S. Department of Commerce. The EDA's mission is to spearhead the federal economic development agenda, promoting competitiveness and preparing regions for growth in the global economy. The EDA provides economic assistance to distressed communities, aiming to create jobs for U.S. workers, foster innovation, and accelerate sustainable economic growth. The Rural Development Fund, being a part of this initiative, is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which allocated $1.5 billion to EDA for economic assistance programs. The EDA CARES Act Recovery Assistance, administered under the Flexible Economic Adjustment Assistance (EAA) program, offers a wide range of financial assistance to eligible communities and regions as they respond to and recover from the challenges posed by the coronavirus pandemic.
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Impact
October, 2024
The Rural Development Fund (RDF) has a significant impact on the economic landscape of Wyoming by facilitating access to capital for small businesses. By focusing on helping these businesses grow and prosper, RDF contributes to job creation and strengthens local economies.
Through its commitment to deploy a $5 million revolving loan fund (RLF) allocated by the Economic Development Administration (EDA), RDF aims to enhance financial support for qualified projects. This program not only provides essential funding but also fosters partnerships with commercial lenders, expanding the financial ecosystem available to businesses in the region.
Additionally, the USDA Rural Business Enterprise Grant (RBEG) of $170,000 allows RDF to reach even more eligible businesses in specific counties, thereby broadening its impact. This flexibility in funding mechanisms enables RDF to commit resources as suitable projects arise, ensuring that support is tailored to the needs of the community.
Overall, the initiatives led by RDF demonstrate a strategic approach to economic development, aiming to not only alleviate immediate financial challenges but also set the stage for sustainable growth in economically distressed areas. By prioritizing the needs of small businesses, the Rural Development Fund plays a vital role in promoting resilience and innovation within Wyoming's economy.
This information is meant to be a general summary of Rural Development Fund. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $371
- Program Service Revenue: $192,244
- Gross Receipts: $1,880,246
Assets and Liabilities:
- Total Assets: $3,151,536
- Total Liabilities: $2,502,797
- Net Assets: $648,739
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
EDA LOAN INTEREST
Revenue
$182,439
RBEG LOAN INTEREST
Revenue
$9,805
Organization Details
Founding Year
2020
Principal Officer
Jill Kline
Website
www.wyomingrdf.orgNTEE Category
Code: S31 - Community improvement
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