Business and Industry Guaranteed Loans
The purpose of the Business and Industry Guaranteed Loan Program is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities.
Funds may be used for:
- Business conversion, enlargement, repair, modernization, or development
- The purchase and development of land, buildings, and associated infrastructure for commercial or industrial properties
- The purchase and installation of machinery, equipment, supplies, and inventory
- Debt refinancing when such refinancing improves cash flow and creates jobs
- Business and industrial acquisitions when the loan will maintain business operations and create or save jobs
Borrowers may be:
- For-profit businesses
- Nonprofit organizations and cooperatives
- Federally recognized tribes
- Public bodies
The program funds projects within eligible areas, which include:
- Any area other than a city or town with a population of greater than 50,000 inhabitants and the urbanized area of that city or town
- The borrower's headquarters may be based within a larger city as long as the project is located in an eligible rural area.
- The lender may be located anywhere in the U.S..
- Projects may be funded in rural and urban areas under the Local and Regional Food System Initiative.
Loans approved in Fiscal Year 2021 will receive an 80% guarantee.
Terms, fees, and underwriting requirements may be found on the program website.
Lenders should visit the streamlined OneRD Guarantee Loan Initiative website for detailed application information. Non-regulated lenders apply for approval to participate through a single certification process that is valid for 5 years. To begin the process, email a cover letter to email@example.com.
Interested borrowers should inquire about the program with their lender or contact the state office to request information on local lenders.
For complete information about funding programs, including your application status, please contact funders directly. Summaries are provided for your convenience only. RHIhub does not take part in application processes or monitor application status.