The purpose of the B&I Guaranteed Loan Program is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities. This purpose is achieved by bolstering the existing private credit structure through the guarantee of quality loans which will provide lasting community benefits.
Eligible Recipients:
A borrower may be a cooperative organization, corporation, partnership, or other legal entity organized and operated on a profit or nonprofit basis; an Indian tribe on a Federal or State reservation or another Federally recognized tribal group; a public body; or an individual. A borrower must be engaged in or proposing to engage in a business that will:
- Provide employment;
- Improve the economic or environmental climate;
- Promote the conservation, development, and use of water for aquaculture; or
- Reduce reliance on nonrenewable energy resources by encouraging the development and construction of solar energy systems and other renewable energy systems.
Eligible Projects:
- Business and industrial acquisitions when the loan will keep the business from closing, prevent the loss of employment opportunities, or provide expanded job opportunities.
- Business conversion, enlargement, repair, modernization, or development.
- Purchase and development of land, easements, rights-of-way, buildings, or facilities.
- Purchase of equipment, leasehold improvements, machinery, supplies, or inventory.
Funding Source:
USDA Rural Development
Funding Amount:
Loan must not exceed 25 million; some exceptions may be granted
Deadline:
Recurring
Contact:
USDA Rural Development State Office
441 South Salina St.
Suite 357
Syracuse, NY 13202
315-477-6400
Fax: 315-477-6438
More Information:
https://www.rd.usda.gov/programs-services/business-industry-loan-guarantees