Apply Today for the Business and Industry Program
The U.S. Department of Agriculture (USDA) Rural Development is accepting applications to support business development and expansion in rural Oregon that will retain or create jobs.
The Business and Industry (B&I) Program assists rural businesses with accessing credit while helping to mitigate risk for lenders. The funds may be used for most business purposes (with the exception of agricultural production), including initial business development or acquisition, expansion, the purchase of land or equipment, and debt refinancing. Up to $485 million is available nationwide.
Eligible borrowers include U.S. citizens who can demonstrate that the business being financed will primarily create or save jobs for U.S. residents in rural areas with a population of 50,000 or less. The borrower’s headquarters may be based within a larger city as long as the project is located in an eligible rural area. Lenders may be located anywhere and may apply to USDA for a loan guarantee of between 80 percent for loans of $5 million or less to 60 percent for loans of more than $10 million up to $25 million.
Through this USDA program, borrowers can benefit from increased access to capital and better pricing and terms than are typically given with conventional loans. Lenders using a B&I loan guarantee can benefit from improved bank profitability and liquidity management, increased loan-making ability as the federally guaranteed portion of the loan does not count toward a bank’s legal lending limit, and risk mitigation.
Contact a local Business and Cooperative Programs staff member in Oregon to begin the application process.
For more information…
Questions related to USDA Business Programs in Oregon may be directed to a local Business and Cooperative Specialist.
For projects outside of Oregon…
Those with project proposals outside of Oregon should contact USDA Rural Development in the corresponding state.
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