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USDA loans
Funding for your rural business
Rural businesses in many industries — not just agriculture — can apply for a USDA loan.
USDA loans for businesses are designed to create jobs in rural communities and promote small businesses in agriculture as well as other industries.
In addition to being guaranteed by the U.S. Department of Agriculture (USDA), USDA loans offer:
- Competitive, affordable rates and low fees
- A wide range of loan amounts, including larger loans
- Longer term options than many conventional business loans
How can I use a USDA loan?
USDA loans can be used for:
- Developing, expanding, or modernizing your business
- Buying, developing, or improving commercial real estate
- Purchasing machinery, equipment, supplies or inventory
- Working capital
- Building or improving agriculture production and processing facilities
- Refinancing business debt when it improves cash flow or creates or saves jobs
- Buying or expanding a business, if it creates or saves jobs
1
Qualify for membership
Call us at 800-525-9094 to see if you qualify for membership.2
Submit your application
Once you collect your required documentation and complete your application, you can submit it in person or by email. Call us at 877-646-6670 if you need assistance.3
Get a decision
After you’re approved, you can set up automatic payments from checking or savings.Your business must be located in a rural area and meet a number of other eligibility requirements. USDA loans are available to businesses for not only agricultural purposes, but other industries as well. Your Commercial Loan Officer can go over your business details to help you determine whether you might qualify.
In addition, the business and the owners must have a good credit history and sufficient cash flow to repay the loan. Collateral is required to secure a USDA loan, as well as both personal and corporate guarantees.
In most cases, the following types of documents are required for a USDA loan:
- Corporate Documents, such as a Partnership Agreement or Articles of Incorporation
- Business and personal tax returns
- Personal and business financial statements, including a balance sheet and profit and loss statement
- Copies of any pertinent leases or contracts
- A detailed business plan
Depending on how you plan to use your loan, there may be additional documentation requirements. Your Commercial Loan Officer can give you a checklist of everything you need to provide.
The USDA requires that financial institutions use the same collateral requirements on a USDA loan as they would for a conventional business loan that is not backed by the USDA.
USDA backing provides financial institutions with extra security, but it cannot be used as collateral.
No, you don’t have to be a member to apply, but you do need to apply and qualify to become a member to accept the loan. But don’t worry—it’s quick and easy to join Global.
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Our business professionals are here to help. Get in touch with a member of our team for a complimentary, no-obligation consultation.
Rates are based off US Treasury Securities or Wall Street Prime Journal, plus points.
NOTICE: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract), because all or part of the applicant’s income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers this credit union’s compliance with the law is: National Credit Union Association, Office of Consumer Protection, 1775 Duke St., Alexandria, VA 22314.