On Monday, Gov. Ron DeSantis announced there was $3 million available in loan for projects in rural communities through the Rural Community Development Revolving Loan Fund Program.

According to the governor’s office, the funds are available to fund projects in rural areas that “create and retain jobs, maintain economic activity of an existing industry or promote diversification of the local economy” and “provides local governments with access to financial assistance to promote the economic viability of rural Florida communities.” The Florida Department of Economic Opportunity (DEO) runs the program.

“Opportunities for investment and economic development are critical to the health of local economies in all Florida communities across the state, but especially rural communities,” said DeSantis. “Florida’s rural communities can utilize these resources to attract business growth and create new local jobs for their residents.”

“Governor DeSantis is committed to strengthening Florida’s rural communities by making them more resilient to disasters and preparing them for the industry and workforce needs of tomorrow,” said DEO Executive Director Ken Lawson. “The Rural Revolving Loan Fund gives rural communities an opportunity to compete and to invest in economic development for their futures.”

Loans through the Rural Community Development Revolving Loan Fund Program are at 2 percent, which is below the prime rate.