A USDA eligibility map is used to check your business’ eligibility when applying for a USDA Business & Industry (B&I) Loan. This legend helps business owners apply for a loan that will enhance and expand economic growth opportunities within their rural communities.
Those who qualify for guaranteed loans include: for-profit, not-for-profit businesses, cooperatives, federally-recognized tribes, public bodies, and individuals engaged or proposing to engage in a business.
How to Use the USDA Eligibility Map
If a business owner or company decides to get a USDA B&I Loan, the very first step to take would be to find an eligibility map to see if you are within an eligible area. Business headquarters for eligible loans must be located in areas with a population of less than 50,000 people, which makes up nearly 97% of the land in the United States.
At North Avenue Capital, we made it easy for our clients to gain access to an accurate, easy-to-use map. We found the need to develop a more user friendly mapping system that met the needs of business owners nationwide, no matter what their technology knowledge level is. Our map is said to be a simpler version than the official USDA Business Loan Eligibility Map. Our USDA Eligibility Map has white and red shaded areas to easily read if you are qualified for a loan. (White areas are eligible for loans, while the shaded red areas are ineligible.)
It’s important to note that once you zoom in, certain pockets around highly populated areas create pockets of eligibility as well, so be sure to keep a close eye on where exactly those boundaries are! Once you’ve discovered that you are eligible, simply contact us via our Contact Us page.
What Happens After You Find You’re Eligible on the Map?
If you find that you are eligible: Great news! NAC is ready and willing to see if your business qualifies beyond the geographic requirement. Time to take a deep dive into your business. The USDA will require financial statements, credit reports of your business, and other documents to complete your applications, which includes:
- A business plan
- Personal credit reports of all owners
- Business credit reports
- Resumes or business owners
- Current balance sheet
- Profit and loss statements (No more than 90 days old)
… and more!
Once NAC has received these documents from you, our team dives into the financials in order to deem next steps. A term sheet would be proof of a successful interaction. If we find that you do not qualify for a USDA Business & Industry loan, because we had the chance to dive into your financials, we can accurately pinpoint a lender best fit for your business.
Need Help with Our USDA Eligibility Map or Have Other Questions?
Our USDA loan specialists at NAC are available to determine if a USDA loan is right for you and your business. Determining eligibility can be done in less than five minutes, and we can help guide you through the USDA Eligibility Map, the application process, and more!
We are the only specialized commercial lender that exclusively lends USDA B&I Loans nationwide. We offer competitive interest rates, flexible terms, and high loan-to-value ratios (LTVs).
As a small business ourselves, we understand the focus on enhancing your business, creating jobs within your communities, and identifying opportunities to improve environmental conditions for the next generation of entrepreneurs.
We serve rural America on a nationwide scale and have strategically placed our office locations spanning across the country to better serve our clientele. Find a location near you in Arkansas, Florida, Georgia, Nevada, Tennessee, and Texas or contact us today.
