The NCRPC Business Finance Program has helped customers access financing from a number of specialized programs, including those offered from the U.S. Small Business Administration.
SBA 7(a) Guaranteed Loan Program
SBA Rural Lender Advantage 7(a) Guaranteed Loan Program
SBA 7(a) Guaranteed Loan Program
Loan amount available: Guaranteed bank loan up to $2,000,000
Interest rate: Maximum limitation of Prime + 2.75%
Term: 7 years for working capital, inventory, and equipment 25 years for real estate
Primary eligibility requirements: Bank participation (this is a bank loan guaranty program)
Special requirements:
Bonded contractor for construction projects over $10,000
Third party appraisal for purchase of existing business
Special features: 75-85% guaranty up to $1,500,000 maximum guaranty
SBA Rural Lender Advantage 7(a) Guaranteed Loan Program
Loan amount available: Guaranteed bank loan up to $350,000
Interest rate: Maximum limitation of Prime + 2.75%
Term: 7 years for working capital, inventory, and equipment 25 years for real estate
Primary requirements: Bank participation-this is a bank loan guaranty program
Special requirements:
Bonded contractor for construction projects over $10,000
Third party appraisal for purchase of existing business
Special features: 75-85% guaranty
SBA 504 Loan Program
Loan amount available: 30-40% up to $2,000,000 in rural area with secondary collateral position based on appraised value
Interest rate: 20 year fixed market rate
Term: 10 years for equipment with equal or greater useful life, 20 years for real estate
Primary requirements: 50% Bank participation in first collateral position
Special requirements:
Bonded contractor
Appraisal on plans/specs prior to submitting application
Working capital and inventory ineligible
Special limitations on using for equipment/furniture/fixtures
Special features: 10-20% cash down payment requirement, assuming appraisal doesn’t require additional cash.
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See Business Finance Program for assistance.