USDA Loans Overview
Through two of the USDA’s most prominent programs, (USDA Business and Industrial Guaranteed Loan Program and the USDA Community Facilities Program), we can offer financing solutions for businesses or municipalities located in rural areas. Under the program terms, certain geographic and demographic criteria must be met in order to qualify for USDA loans. The USDA B&I (Business and Industrial) Guaranteed Loan Program is predominantly available to any legal entity including individuals, public and private organizations, and federally recognized Indian tribal groups. The USDA also offers financing options through their Community Facilities Programs for public services and facilities such as health care, education, public safety, and public services. Let our loan specialists determine if these viable programs are right for your financing needs.
Proceeds from USDA Loans can be used for:
Acquisitions
Construction
Conversion
Repair
Modernization
Debt refinance
Real estate acquisition
Real estate improvements
Machinery
Equipment
Furniture & Fixtures
Working capital
What is the USDA B&I Loan Program?
The USDA Business and Industry (B&I) Guaranteed Loan Program is a loan guarantee program designed to assist credit-worthy rural businesses by obtaining the necessary funding for most legal business purposes. The B&I program is specifically targeted to rural businesses as defined by the USDA’s eligibility guidelines. Whether you need new equipment, to improve your commercial building, or working capital to grow your business, the USDA B&I Loan Program can help with loans to fund your growth. With these loans borrowers can typically have lower loan costs and longer term amortizations to help finance business expansion or improvements. USDA B&I loans are fully amortizing loans so there are no unexpected balloon notes or call dates.
What is the USDA Community Facilities Program?
Through the USDA Community Facilities Program we can offer direct loans to develop or improve public services and facilities in communities across rural America. When these areas need financing for community facilities such as fire and rescue stations, village and town halls, health care clinics, hospitals, adult and child care centers, assisted living facilities, rehabilitation centers, public buildings, schools or libraries, they can turn one of our loan specialists who understands the program and its benefits. Public entities, non-profit organizations, and federally recognized American Indian Tribes can use loan proceeds to build or improve facilities that provide health care, education, public safety, and public services.