Nationwide USDA B&I Financing
First Home Bank is a nationwide USDA Business & Industry (B&I) lender with an in-depth knowledge of the USDA loan program. USDA loans are a high priority for First Home Bank and we are committed to USDA lending, which promotes economic opportunities in rural communities.
The USDA Business and Industry (B&I) Loan Program offers businesses the opportunity to help create and maintain employment and improve the economic and environmental climate in rural communities. USDA loans offer stability, growth, expansion and employment.
|Loan Amounts||up to $10 million|
|Loan Uses||Business & Industrial projects, Acquisitions, Refinancing, Construction, Modernization, Expansion, and the purchase of Equipment, Machinery & Supplies|
|Loan Terms||Longer repayment terms – Up to 30 years with no balloons – Loans are fully amortizing|
|Rates||Low, competitive interest rates|
|LTV||Higher loan-to-value than conventional loans|
|Equity||A minimum of 10% tangible balance sheet equity (20% for new businesses)|
|Eligibility||Any legal entity including individuals, public, and private organizations located in a rural community as defined by the USDA Mapping Program (census population of 50,000 or less)|