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Business & Industry Guaranteed Loan Program

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Business & Industry Guaranteed Loan Program Together, America Prospers OneRD Guarantee Loan Initiative: Business & Industry Loan Guarantees What does this Who may qualify for these How may guaranteed loan funds guaranteed loans? be used? program do? • For-proft or non-proft businesses. Eligible uses include (but are not limited to): • Cooperatives. This program offers loan • Business conversion, enlargement, • Federally-recognized Tribes. guarantees to lenders for their repair, modernization or development. • Public bodies. loans to rural businesses. • The purchase and development • Individuals engaged or proposing to of land, buildings and associated engage in a business. infrastructure for commercial or industrial properties. What lenders What are the borrowing restrictions? • The purchase and installation of • Individual borrowers must be machinery and equipment, supplies may apply for citizens of the United States or or inventory. this program? reside in the U.S. after being legally • Debt refnancing when such admitted for permanent residence. refnancing improves cash fow and Lenders need the legal authority, • Private-entity borrowers must creates jobs. fnancial strength and suffcient demonstrate that loan funds will • Business and industrial acquisitions experience to operate a remain in the U.S. and the facility when the loan will maintain business successful lending program. being fnanced will primarily create operations and create or save jobs. This includes lenders that are new or save existing jobs for rural U.S. residents. subject to supervision and credit What guaranteed loan funds may examination by the applicable NOT be used for? What is considered an eligible area? agency of the United States or a • Lines of credit. State including: • Rural areas not in a city or town with a population of more than 50,000 • Owner-occupied and rental housing. • Federal and inhabitants. • Golf courses or golf course State-chartered banks. infrastructure. • The borrower’s headquarters may • Savings and loans. be based within a larger city as • Racetracks or gambling facilities. long as the project is located in an • Churches or church-controlled • Farm Credit Banks with eligible rural area. organizations. direct lending authority. • The lender may be located • Fraternal organizations. • Credit unions. anywhere in the United States. • Lending, investment and Other non-regulated lending • Projects may be funded in either insurance companies. institutions may also be approved rural or urban areas under the Local • Agricultural production, by the Agency under the criteria of and Regional Food System Initiative. with certain exceptions. the OneRD regulation. • Check eligible addresses for • Distribution or payment to a Business Programs. benefciary of the borrower or an individual or entity that will retain an ownership interest in the borrower. OneRD Guarantee Loan Initiative: Business & Industry Loan Guarantees What Collateral Is Required? What are the applicable fees? How do we get started? Collateral must have documented • There is an initial guarantee • Applications are accepted from value suffcient to protect the interest fee, currently 3 percent of the lenders through USDA local offces of the lender and the Agency. Lenders guaranteed amount. year-round. will discount collateral consistent • There is a guarantee retention • Interested borrowers should inquire with sound loan-to-value policy with fee, currently 0.5 percent of the about the program with their lender. the discounted collateral value at outstanding principal balance, least equal to the loan amount. The • Lenders interested in participating paid annually (2). lender must provide satisfactory in this program should contact the justifcation of the discounts being • Reasonable and customary fees USDA Rural Development Business used. Hazard insurance is required for loan origination are negotiated Programs Director in the state where on collateral (equal to the loan amount between the borrower and lender. the project is located. or depreciated replacement value, whichever is less). What are the underwriting Who can answer questions? requirements? Contact the local Rural Development What is the maximum amount of a • The lender will conduct a offce that serves your area. loan guarantee? credit evaluation using credit The loan guarantee percentage is documentation procedures and What law governs this program? published annually in a Federal underwriting processes that are Register notice. B&I loans approved consistent with generally accepted • Code of Federal Regulations, in Fiscal Year 2021 will receive an prudent lending practices and 7 CFR 5001. 80 percent guarantee. also consistent with the lender’s • This program is authorized by own policies, procedures and the Consolidated Farm and What are the loan terms? lending practices. Rural Development Act. The lender, with Agency concurrence, • The lender’s evaluation must will establish and justify the guaranteed address any fnancial or other Why does USDA Rural Development loan term based on the use of credit weaknesses of the borrower do this? and project and discuss risk guaranteed loan funds, the useful This program improves the economic mitigation requirements. economic life of the assets being health of rural communities by fnanced and those used as collateral, • The lender must analyze all credit increasing access to business capital and the borrower’s repayment ability. factors to determine that the credit through loan guarantees. This enables The loan term will not exceed 40 years. factors and guaranteed loan terms commercial lenders to provide and conditions ensure guaranteed affordable fnancing for rural businesses. What are the interest rates? loan repayment. • Interest rates are negotiated • Credit factors to be analyzed between the lender and borrower. include but are not limited to character, capacity, capital, • Rates may be fxed or variable. collateral, and conditions. • Variable interest rates may not be adjusted more often than quarterly. NOTE: Because information on this page may change, please always consult the program instructions listed in the section above titled “What law governs this program?” You may also contact your local offce for assistance. USDA is an equal opportunity provider, employer, and lender. September 2020 .
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