Huntington Coast Capital is now offering Business and Industry Loans (B&I Loans) for rural communities.
The purpose of the B&I Guaranteed Loan Program is to improve, develop, or finance business and industry, create employment and improve the economic and environmental climate in rural communities.
Citizenship Requirement Individual borrowers must be citizens of the United States (U.S) or have been legally admitted for permanent residence. Corporations or other nonpublic body organization must be at least 51 percent owned by persons who are either citizens of the U. S. or reside in the U.S. and have been legally admitted for permanent residence.
An area must be rural to be eligible for the B&I Guaranteed Loan Program. A rural area is defined as any area other than a city or town that has a population greater than 50,000 and the urbanized area contiguous and adjacent to such a city or town. You can verify an address for rural area eligibility at http://www.rurdev.usda.gov/rbs/ and going to ERS-Rural Area Determination hyper-link.
Feasibility Studies are required for start-ups or if the project will significantly affect the borrower’s operation. Feasibility studies must be completed by a qualified independent consultant.
Collateral must have documented value sufficient to protect the interest of the Lender and the Agency. The collateral discounted value will normally be at least equal to the loan amount. Lenders will discount collateral consistent with sound loan-to-value policy.
For complete information on the program click this government website link: http://www.rd.usda.gov/.
For information on lenders participating in the program, visit us here.