Stimulus Bill Releases $1.7 billion Rural Development Guaranteed Business Loan Program
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
Special Features:
· 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.
Program Advantages:
· 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!
Contact Information:
Please call one of our loan officers to discuss the details and limitations of this special opportunity.
Vermont: Kevin Morehouse 802-828-6002 Kevin.Morehouse@vt.usda.gov
New Hampshire: Steve Epstein 603-223-6041 Steven.Epstein@nh.usda.gov
