Business Loan Specifications

B & I SpecificationsCommunity Facilities Specifications
Eligible Applicants
  • Co-ops
  • Corporations
  • Partnerships
  • Federally Recognized Tribes
  • Any legal profit or non-profit entity
  • Non-Profit Corporations
  • Native American Tribes
  • Cooperatives and Public Bodies
Requirements

The loan MUST do one of the following:

  • provide employment
  • improve economic or enviromental climate
  • promote conservation
  • development or use of aquaculture
  • reduce reliance on non-renewable energy by encouraging renewable energy systems.

Purpose MUST do one of the following:

  • provide employment
  • improve economic or enviromental climate
  • promote conservation
  • development or use of aquaculture
  • reduce reliance on non-renewable energy by encouraging renewable energy systems.
Eligible UsesAcquisitions which prevent closure or acquisitions that create employment include: conservation, enlargement, repairs, modernization or development, purchase and development, easements, rights-of-way, buildings, facilities, equipment purchases, leaseholds, improvements, machinery, supplies and inventory.

Loans to develop or improve essential community facilities in rural areas such as:

  • Community health services (clinics, assisted living, hospitals, nursing homes)
  • Fire stations
  • Rescue services
  • Public safety facilities
  • Educational & cultural facilities (schools, libraries, museums, theaters)
  • Transportation facilities (airports, roads)
  • Community support services.
Eligible LocationsRural areas with populations up to 50,000.Rural areas with populations up to 20,000.
Guarantee Amounts80% up to $5 million, 70% on $5-$10 million.Up to 90%, no maximum.
Origination Fees3% of guaranteed part of the loan. 1% of guaranteed part of the loan.
Annual Renewal Fees1/2 of 1% of principal balance on December 31st of each year.None.
Terms

Real Estate: Up to 30 years

Machinery/Equipment: Not to exceed useful life up to 15 years, whichever is less

Working Capital: Up to 7 years

Maximum term of 40 years, and not longer than the useful life of the facility.
RatesCan be fixed or variable. If variable, rates cannot adjust more than quarterly.Can be fixed or variable. If variable, rates cannot adjust more than quarterly.
Required Documents

To get started on your loan request, we will need the following documents in addition to loan applications:

  • Current balance sheet & profit and loss statement
  • Three years tax returns (most current)
  • Business plan
  • Copy of articles of organization/incorporation and operating agreements, Etc.

To get started on your loan request, we will need the following documents in addition to loan applications:

  • Current balance sheet & profit and loss statement
  • Three years tax returns (most current)
  • Business plan and copy of articles of organization/incorporation and operating agreements, Etc.