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| Business and Industry |
| Loan Guarantee Program |
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Overview |
Kimball Co-op Food Pride Store
Kimball, Nebraska
| The Purpose Of The Business And Industry (B&I) Loan Guarantee Program Is...To provide loan guarantees for business and industrial development to create and maintain employment, expand, and to improve economic climate. | |
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Projects include: business/industrial acquisition, construction, enlargement, modernization, real estate, buildings, equipment, working capital and refinancing. |
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Eligible Applicants Include...Individuals, partnerships, non-profits, corporations, LLCs, Indian tribes, cooperatives, etc.
Are You Eligible? Visit http://eligibility.sc.egov.usda.gov to see if you are eligible for a Business and Industry Loan Guarantee.
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Terms And Conditions... |
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The interest rate is negotiated between the applicant and the lender and can be either fixed or variable. |
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Maximum term of loan for real estate is 30 years, equipment 15 years, and for working capital 7 years. |
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The minimum tangible net worth requirements are 10 percent for existing businesses and 20 percent for new businesses. A minimum of 25 percent equity for biobased projects. |
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Eligible areas include unincorporated rural areas, cities, and towns with populations less than 50,000. |
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Loan guarantees are issued by USDA Rural Development on loans originated by commercial lenders to applicants/businesses. |
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Program availability is contingent upon fiscal year funding. |
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View...The detailed Business and Industry Loan Guarantee Fact Sheet.
Locate And Contact...Your local lender or your nearest USDA Rural Development Office. |
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