Jun 17, 2019

USDA Business Loans: Not Only for Farmers

The United States Department of Agriculture (USDA) provides loans for small businesses located in rural areas to give businesses capital to expand their operations. For the non-farmer folk or ranchers out there, don’t discount USDA loans because you hear agriculture or rural. There’s more to these loans than you’d think, and since USDA loans come with a wide range of loan amounts, flexible use of funds, competitive interest rates, and long terms, they’re certainly worth considering.

Who Qualifies?

There are 3 main requirements to be eligible for USDA loans:

What Can USDA Business Loans Be Used for?

USDA loan can be used on a variety of projects:

USDA Business Loan Amounts, Terms, and Interest Rates

Although you and your lender will negotiate the terms of your USDA B&I Loan, the USDA does set a few specifications:

USDA business loans aren’t for everyone, but if your project is eligible, these loans are an excellent source of financing for businesses and nonprofits in rural areas. And if you don’t qualify, consider an SBA loan. It’s similar to USDA loans but open to a wider range of small businesses.

It takes a little cash to change the world.

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About the author

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Jesse Sumrak
Jesse Sumrak is a Social Media Manager for SendGrid, a leading digital communication platform. He's created and managed content for startups, growth-stage companies, and publicly-traded businesses. Jesse has spent almost a decade writing about small business and entrepreneurship topics, having built and sold his own post-apocalyptic fitness bootstrapped startup. When he's not dabbling in digital marketing, you'll find him ultrarunning in the Rocky Mountains of Colorado. Jesse studied Public Relations at Brigham Young University.

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