Welcome to Federal Credit Fridays! The U.S. government is one of the largest lenders and credit guarantors on earth. Its portfolio is estimated at over $3.6 trillion, as measured by loan assets and the face value of loan guarantees. The government uses credit for a wide variety of policy missions, including housing, higher education, small businesses, rural and urban economic development, infrastructure, and export promotion, among others. This podcast will familiarize you with the vast world of federal credit, the similarities and differences between these programs, and the importance of their work to achieving policy missions within the framework of public-private collaboration.
In this episode of Federal Credit Fridays, Anthony Curcio sits down with Jacki Ponti-Lazaruk, former Chief Innovation Officer at USDA Rural Development, for a deep dive into the evolution of the OneRD Guarantee—a model of smart consolidation and customer-first program design in the federal lending space.
At first glance, USDA’s Rural Development (RD) may not appear to be the center of federal lending innovation. But with over 40 loan and grant programs under its purview—ranging from rural housing and infrastructure to small business financing—RD serves as a critical engine for economic vitality in rural communities. At the heart of its recent transformation is the OneRD Guarantee initiative.
From Fragmentation to Focus
Historically, RD’s guarantee programs were developed independently over decades, with different eligibility requirements, timelines, and delivery systems. The result? Complexity and inefficiency—for both staff and customers. Recognizing this, USDA launched a bold effort to streamline and unify its business loan guarantees under a single regulatory framework.
As Jacki explains, this wasn’t a top-down redesign. The process centered on listening to RD’s customers—especially lenders who operate in rural markets. “Not every lender is going to work in the rural space,” she notes. “So you have to define that customer well and build around what they need.”
The team conducted extensive outreach to understand what was working, what wasn’t, and what was missing entirely. Lenders who had used the programs—and even those who hadn’t—were invited to weigh in. Their feedback helped shape the structure, delivery model, and functionality of the consolidated program.
Rethinking Regulation—and Trust
One of the most pivotal decisions came in the regulatory phase. Rather than pursue the traditional “proposed rule–comment–final rule” process, USDA opted for a more agile “final rule with comment” route. This strategy accelerated the timeline—but not without risk. “There were concerns,” Jacki acknowledges. “But we had built so much trust with Congress and our customers that they were willing to take a leap of faith.” That leap paid off. Stakeholders responded with constructive input, and within the first year, USDA adjusted the regulation to reflect what they’d heard. But crucially, the core consolidation moved forward. And for the first time, USDA had a framework that was scalable—one that could accommodate new guarantee programs without having to reinvent the wheel.
Laying the Groundwork for the Future
The OneRD Guarantee isn’t just a technical achievement—it’s a cultural one. It reflects a shift in how federal agencies can think about service delivery: breaking down silos, prioritizing end users, and building infrastructure that supports future adaptability.
As Anthony aptly puts it, the initiative “could be a template for efficiency and consolidation in other places in federal lending.” Jacki agrees: “We’ve left RD in a better place than it was. And that’s what it’s all about—helping our customers, improving our impact, and leaning into making the government experience better.”
Stay tuned for more insights on how mission-driven lending is evolving across the federal landscape.