Who Can Apply for this Program?
Lenders with the legal authority. sufficient experience and financial strength to operate a successful lending program. This includes:
• Federal or state-chartered banks
• Savings and loans
• Farm credit banks
• Credit unions
What kind of businesses qualify for Loan guarantees?
• For-profit businesses
• Federally-recognized Tribes
• Public bodies
Are there restrictions on the borrower?
• Individual borrowers must be citizens of the United States or reside in the U.S. after being legally admitted for permanent residence.
• Private-entity borrowers must demonstrate that loan funds will remain in the U.S. and the facility being financed will primarily create new or save existing jobs for rural U.S. residents.
What is an eligible area?
• Any area other than a city or town with a population of greater than 50.000 inhabitants and the urbanized area of that city or town
• The borrower’s headquarters may be based within a larger city as long as the project is Located in an eligible rural area
• The lender may be located anywhere
• Projects may be funded in rural and urban areas under the Local and Regional Food System