The USDA Rural Development Program requires specific third party documentation to be attached in the final application submitted to the USDA. At North Avenue Capital (NAC), we are dedicated to helping current and potential borrowers understand exactly what is needed and how to get to the closing table efficiently and accurately.
In this guide, we break down the types of third party reports your business must complete to be eligible for a USDA B&I Loan, specifically focusing on Feasibility Studies.
To qualify for a USDA B&I loan, there are three different types of third party reports your business must undergo first. They include:
Feasibility Studies take a look at the practicality of the business plan, projections, management and much more. North Avenue Capital helps borrowers engage third parties to objectively asses and uncover the strengths and weaknesses of the business plan. We advise all businesses to complete a feasibility study to learn more about their competition, market, pricing, audience, and more. These reports are completed by a third party firm and typically take three to four weeks to complete.
Reminder: Feasibility studies are only required for a new business/startup.
The USDA requires a business to assess five areas of project feasibility. Those areas include:
North Avenue Capital encourages you to get in touch with one of our loan specialists before you begin the process of completing your third-party reports.
NAC is ready to help you learn more about how to fund your next project today! To get in touch today, we encourage you to fill out the attached form HERE.