We just received this communication from the USDA this week:
USDA, Rural Development, Business & Industry Loan Guarantee Program has funding available for Fiscal Year 2020!
Rural Development can provide loan guarantees to expand business operations; purchase and improve real estate; purchase machinery & equipment; and refinance outstanding debt. The loan guarantee program is used to provide better rates and terms to the businesses while reducing lender risk. In addition to reducing lender risk, the issuance of the loan guarantee can generate additional fee income for the lender through the sale of the guaranteed portion on the secondary market. Additional information can be found at the following website:
New this year, and available for a limited time, is the B&I CARES Act program providing funds to help meet the working capital needs of rural businesses and agricultural producers. This program has the flexibility of offering up to 12 months of principal & interest deferment with an additional 24 months interest only if necessary. Reduced guarantee fees and increased loan guarantee percentages are available through the B&I CARES Act. Additional information regarding the B&I CARES Act can be found at the following website:
Please contact one of our staff members to further discuss these programs.
Michael Rutherford Michael.Rutherford@usda.gov 614-255-2420
Cindy Musshel Cindy.Musshel@usda.gov 614-255-2427
Debbie Rausch Deborah.Rausch@usda.gov 614-255-2425
Randy Monhemius Randy.Monhemius@usda.gov 614-255-2424
Thank you for your time.