Business & Industry Financing
Financing options for businesses in rural areas!
If you’re located in a rural community and need commercial funding but are not sure where to begin, a USDA Business and Industry Loan may be just what you need.
This program is specifically designed to provide business loans in rural areas and help strengthen our local economy by giving you the tools to thrive.
As a USDA Business & Industry (B&I) Loan provider, we’re proud to help qualified businesses work towards their goals of developing, improving and providing a source of employment for the area. You’re working hard to make the local community a better place and as your lending partner, we work hard to do whatever we can to help support you.
Let us guide your financing to help build rural America together.
Benefits of a USDA Loan for Businesses.
- Make it easier for businesses in rural communities to access financing
- Assist a business in providing stability, growth, expansion, and rural employment
- Most types of businesses qualify
- Large average loan amounts
- Competitive interest rates and terms
USDA Business Loan Purposes
- Purchase, Remodel or Expand your business
- Refinance or Consolidate business debt
- Purchase or Refinance Equipment debt
- Construct, Expand or Improve Commercial Real Estate
- Purchase or Refinance Commercial Real Estate
- Start-up costs and working capital needs
- And more!
Businesses that qualify
- For-profit businesses
- Nonprofits and cooperatives
- Federally recognized Tribes and public bodies
Is My Business Eligible for a USDA Loan:
- Located in a rural area (defined by the USDA as city or town with a population of less than 50,000 people).
- Good credit score
- Proof of revenue
- Ability to provide collateral
- Personal guarantee
- Business owner is a U.S. citizen or permanent resident
USDA Loans
A great tool for rural businesses!
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.
From business and industrial acquisitions to conversions, and many things in between, this government-backed loan offers your business accommodating financing options.
Take advantage of fixed or variable rate options through the USDA B&I program.
- Longer terms for cash flow enhancement
- Lower down payments
- Local decision-making and processing
- Streamlined underwriting and closing process
Plus, with First Bank of the Lake you’ll enjoy:
- Expert support and advice
- Quick Response
- Flexible Options
- Experienced Underwriters
From start to finish, we’re here for you!
You’ll have the support of a nationwide lender with an experienced underwriting and closing team. We’re ready to guide you through each transaction.
- Deal Dynamics and Structuring
- Due Diligence Process
- Industry Insights
Ideas can grow into a thriving company, expand into new markets, and take your business to the next level of success.
Talk to us about your business and where you want to go. We can help you get there. Find out what it’s like to work with a bank who puts you first.
All loans are subject to credit approval. Restrictions and limitations may apply. First Bank of the Lake does not provide tax, legal or investment advice. All decisions concerning these matters should be made in conjunction with your professional advisors.
