USDA Business & Industry (B&I) Guaranteed Loan Program

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1 USDA Business & Industry (B&I) Guaranteed Loan Program

2 B&I Program To Create And Maintain Employment And Improve Economic And Environmental Climate In Rural Communities Administered By The Rural Business Cooperative Service (RBS) Of USDA Rural Development Designed For Businesses Located In Cities Of Up To 50,000 Population, But Priority Is Given To Areas Outside Cities Of 25,000 Or Fewer Population

3 Benefits to Businesses Longer Term Financing 7 Years Working Capital 15 Years (Useful Life) M&E 30 Years Real Estate No Balloon Provisions Consolidation Of Loan Components Reduction In Equity And Collateral Requirements

4 Benefits to Participating Lenders Full Faith & Credit Guaranty Of The U.S. Government For 60-80% Of The Loan Amount Guaranteed Portion Of The Loan Does Not Apply To Lending Limits Guarantee Reduces The Lender s Reliance On Collateral Coverage & Concentration Of Credit Provides Increased Liquidity & Earnings Through Secondary Market Sales

5 Eligible Borrowers Individuals All Legal Entities Organized And Operated On A Profit Or Non-profit Basis Municipalities, Counties, Or Other Political Subdivisions Of A State Federally Recognized Indian Tribal Groups

6 Eligible Loan Purposes Businesses And Industrial Acquisitions, Construction, Conversion, Expansion, Repair, Modernization, Or Development Costs Purchase Of Equipment, Machinery, Or Supplies Start-up Costs And Working Capital Refinancing Of Existing Debt Is Allowed When It Is Determined That The Refinancing Is Necessary To Improve Cash Flow And Create Or Save Existing Jobs. Participating Lenders Existing Debt Refinanced To 50% Of The Gross Loan Amount

7 Ineligible Loan Purposes Lines Of Credit Corporations And Businesses Not At Least 51% Owned And Controlled By US Citizens Project Likely To Result In Transfer Of Employment From One Area To Another Charitable Institutions, Religious Organizations, And Affiliated Entities, And Fraternal Organizations Loans For Golf Courses, Gambling Establishments, And Race Tracks

8 Maximum Loan Amount Generally Limited To A Maximum Of $10 Million Per Borrower With State Office Authority This Limit May Be Increased To As Much As $25 Million At The RBS Administrator s Discretion (High Impact Business) Requiring Submission to The National Office

9 Loan Guarantee Limits 80% For Loans Of $5 Million Or Less 70% For Loans Over $5 Million And Up To And Including $10 Million 60% For Loans Exceeding $10 Million And Up To And Including $25 Million

10 Collateral All Collateral Must Secure The Entire Loan Personal Guarantees For Ownership Of 20% Or Greater Appraisal Reports Required On Property That Will Be Pledged Lenders Will Discount Collateral Consistent With LTV Policy

11 Fees and Costs One-time Guaranty Fee Of 2% Of The Guaranteed Principal Amount Must Be Paid By Bank And May Be Passed On To The Borrower A 1% Fee May Be Allowed If The Loan Is For High-impact Business Or Is Located In An Area Of Natural Disaster Or In An Economically Distressed Community

12 Borrower Equity Requirements Minimum 10% Tangible Equity Requirement 20% For New Business Start-ups & Business Acquisitions

13 Interest Rate Fixed Or Variable Alternatives Negotiated Between Lender And Borrower If Variable, Any Published Index May Be Used Interest Rate Floors And Ceilings Allowed

14 Servicing Requirements Bank Not Required To Retain Servicing Income Bank Only Required To Retain 5% Of Outstanding Credit Annual Financials, Spreads, And Lenders Analysis To USDA Annual Borrower Site Visit / Management Meeting

15 Prepayment Penalties Industry Standard is ; 10-Year Declining Penalty Is Typically The Market Limit USDA Imposes No Limits On Prepayment Penalties

16 Contact Information: Michael D. Ryan, Principal Office: (610) Cell: (610) E Mail: David D. Puyear, CPA/CFO Cell: (215) E Mail: Website: InnovativeFinancingSolutions.net

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