USDA Rural Development Business Programs

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1 USDA Rural Development Business Programs

2 Business Programs Business & Industry Guaranteed Loans Revolving Loan Fund Programs Energy Programs (REAP) Rural Business Development Grant (RBDG)

3 Eligible Locations Rural Area Anywhere except within the boundaries of a city or town with more than 50,000 inhabitants or the urbanized area of that city or town Eligibility can be determined at the following Web site: tion.do

4

5 B&I Guaranteed Loan Program The Business and Industry (B&I) Guaranteed Loan Program is a loan guarantee program designed to assist credit-worthy rural businesses to obtain needed credit for most any legal business purpose. Bolster the existing private credit structure through the guarantee of quality loans that provide lasting community benefits Not intended for marginal or substandard loans or relief of lenders having such loans

6 Eligible Borrowers Any legal entity, including, corporations, partnerships, and cooperative organizations; Federally recognized tribal group, public body; or individual engaged in or proposing to engage in a business Can assist both For-profit and Non-profit entities

7 Types of Businesses Financed Manufacturing Wholesaling Retailing Service oriented businesses *Project must be in eligible areas

8 Loan Purposes Real estate purchase and improvements Machinery and equipment Long term working capital Debt refinancing under certain conditions Business expansion Leasehold improvements

9 Ineligible Borrowers / Purposes Charitable institutions Churches or church-controlled organizations Fraternal organizations Lending and investment institutions Insurance companies Businesses engaged in illegal activity Golf courses

10 Ineligible Borrowers / Purposes (Cont.) Lines of credit Lease payments Guarantees of loans made by other Federal agencies Distribution of payment to an owner, beneficiary, or a close relative of the owner, when an owner will retain an ownership interest Federal tax-exempt obligations

11 Benefits for the Borrower Greater access to credit Ability to fund a project Potentially longer repayment terms, with improved cash flow

12 Benefits for the Lender Credit enhancement Established secondary market can enhance Lender s liquidity and increase yields Exclusion of the guaranteed portion from legal lending limits Assists banks in meeting CRA requirements

13 Leveraging The USDA B&I Guaranteed loan can be combined with other State and Federal loan and grant programs

14 Business & Industry % of Loan Guaranteed 80% on loan amounts up to $5 million 70% on loan amounts up to $10 million 60% on loan amounts up to $25 million Fees One-time guarantee fee of 3% of the guaranteed amount Annual renewal fee of 0.50% Community size Population up to 50,000 Borrower Types Any legal entity, including non-profit organizations New or existing businesses Loan Amounts Up to $25 million (subject to annual notice) Loan Uses Real estate purchase and improvements M&E acquisition Working capital Debt restructuring Business acquisition

15 Business & Industry Max Loan Terms RE - 30 years, M&E 15 years, WC 7 years Personal / Corporate Guarantees Tangible Balance Sheet Equity Required from individuals and entities with 20% or more ownership 10% required for existing entities 20% required for new entities Collateral Requirements Minimum 1:1 after discounting Advance Rates RE 80% (Customary Agency rates) M&E 70% Inventory 60% A/R 60% Environmental Review Process Should be initiated as early as possible with RD office

16 Differences between B&I and SBA 7(a) USDA B&I SBA 7 (a) Non-Profits Yes No Investment RE Yes No Revolving Line of Credit Collateral Deficiency SBA Size Standards No No No Yes Yes Yes Location Under 50,000 population All locations Max Loan Amount $25 million $5 million % of Guarantee < $5 million: 80% $5 $10 million: 70% < $150,000: 85% $150,000 $5 million: 75%

17 Business Projects DeVilbiss Healthcare $3.6 million Business & Industry Loan Guarantee Funding to relocate manufacturing from China back to Somerset, PA

18 Revolving Loan Fund Programs Intermediary Relending Program (IRP) Rural Microentrepreneur Assistance Program (RMAP)

19 Intermediary Relending Program (IRP) USDA makes a direct loan to an Intermediary (non-profit) to establish a revolving loan fund. The Intermediary will relend the money to fund rural small business and community projects.

20 Intermediary Relending Program (IRP) Max Loan Amount (RD to Intermediary) Terms $1,000, year loan at 1% fixed interest rate Max Loan Amount Intermediary may lend from the revolving loan fund Typical eligible projects $250,000 or 75% of the total cost, whichever is less M&E acquisition and Working Capital

21 Rural Microentrepreneur Assistance Program (RMAP) USDA makes a direct loan to an Intermediary (non-profit) to provide direct loans and grants to micro businesses. The Intermediary is also eligible to receive technical assistance grants to provide assistance and training to small business owners.

22 Rural Microentrepreneur Assistance Program (RMAP) Max Loan Amount (RD to Intermediary) Terms Loan to Small Business $500, year loan at 2% fixed interest rate $50,000 max Terms of 10 years or less Typical Eligible Projects Business must be rural and have <10 employees M&E acquisition, WC, FF&E, refinancing, business acquisition Grant Not to exceed 25% of the loan amount Intermediary is required to provide a 15% match

23 Rural Energy for America Program (REAP) Grants and guaranteed loans for Renewable Energy Systems (RES) and Energy Efficiency Improvements (EEI) projects Eligible for agricultural producers and rural small businesses (must be for-profit) Technology must be commercially available

24 Rural Energy for America Program (REAP) Eligible RES Projects Biomass, wind, solar, geothermal, hydroelectric Eligible EEI Projects Grants Loan Guarantees Grain dryers, irrigation power units, lighting, refrigeration, HVAC, insulation, replacement of existing system Up to 25% of eligible project costs RES max grant amount of $500,000 EEI max grant amount of $250,000 Up to 75% of eligible project costs Can be combined with grant (50% loan guarantee, 25% grant) Process is similar to B&I (guarantees 70-80%)

25 Business Projects Mahoning Creek Hydroelectric Company $7.5 million REAP Loan Guarantee Construction of a new hydroelectric power plan at Mahoning Creek Dam

26 Rural Business Development Grant (RBDG) Program combined Rural Business Enterprise Grant and Rural Business Opportunity Grant Ensure continued investments in rural businesses Designed to assist the start up or expansion of small and emerging private businesses and/or nonprofits in rural areas.

27 Rural Business Development Grant (RBDG) Eligible Applicants Public Bodies Government Entities Native American Tribes Non-Profit Organizations

28 Rural Business Development Grant Eligible Purposes (RBDG) Acquire or develop land Buildings Machinery and equipment Build or improve access roads Provide technical assistance Support rural distance learning programs that provide education or job training

29 Questions?

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