Posted August 7, 2009
USDA is providing 1.7 billion dollars, nationwide; to help rural businesses with growth, debt refinancing, acquisition or other needs through the American Recovery and Reinvestment Act (ARRA).
These funds are a special supplement to our regular $3.0 billion dollar loan guarantee program.
Local Approval up to $7.5 Million
Local Service for Underwriting and Servicing
· 90% guarantee is automatic for qualifying projects
· 1% up-front fee – may be financed
· No re-occurring annual lender fee
· Standard program criteria apply – Nothing new to learn!
· Davis-Bacon requirements apply to construction projects.
· No maximum equity / liquidity criteria—we can work with your high net worth clients.
· Flexible Participation—Sell nearly all the unguaranteed share
· Flexible rate index options—You select the index—FHLB, Prime or other.
· Non-profits, cooperatives and other entities not qualifying for SBA may be eligible.
Underwrite with your own forms!
Please call one of our loan officers to discuss the details and limitations of this special opportunity.