USDA Business Loans, formally referred to as USDA Business and Industry loans, are business loans guaranteed by the U.S. Department of Agriculture (USDA) for small businesses, companies, nonprofits, and other organizations in rural communities.
USDA Business Loans are made by lenders (banks or credit unions) to businesses located in rural locations. They have characteristics similar to a Small Business Administration (SBA) loan, but USDA Business Loans focus solely on promoting small businesses and creating jobs in rural areas. Rural areas make up a whopping 97% of America.
The USDA Business & Industry (B&I) Loan Program is an asset-based loan program designed to help credit-worthy rural businesses obtain needed credit to grow and create jobs in their local communities. The program bolsters the availability of private credit by guaranteeing loans for businesses in rural areas across the US.
Our commercial loan experts at North Avenue Capital (NAC) wanted to share with you how you can qualify for a USDA business loan. NAC is the only specialized commercial lender in the nation that exclusively lends USDA B&I Loans nationwide. It’s all we do. We know what it takes to take the projects through to the finish line. We offer competitive interest rates, flexible terms, and high LTVs.
The USDA sets minimum requirements for businesses to qualify for a business and industry loan, but your lender may require you to meet additional criteria. The USDA’s minimum criteria include:
You cannot use these loans if you plan to use them for:
In addition, you cannot use these types of loans if you are a(n):
You can use a USDA loan for:
USDA loan specifics:
Our USDA B&I loan specialists at North Avenue Capital, LLC (NAC) will determine if these USDA loans are right for your financing needs. We have a team of trained individuals to take you through the eligibility process to see if you are eligible. We will let you know what you need to apply for a USDA small business loan, as well as let you know what you are allowed and not allowed to use the funds for in order to be approved for a loan.
At NAC, we provide capital to empower American business growth. Because NAC is a non-bank, private lender, we can provide our borrowers with the terms that fit their financial needs.
NAC possesses a genuine interest in partnering with you to enhance your business, create jobs in local communities, and identify opportunities to improve environmental conditions for the next generation of entrepreneurs.
As one of the only USDA exclusive lenders in the country exclusively focused on USDA Rural Development programs, NAC uses its expertise, capital, and relationships to build businesses, grow local economies, and create jobs in rural America.
Ready to work with one of our USDA business loan specialists?
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.