USDA Business and Industry Loan Guarantee Program

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by a searcher from Western Illinois University
in St. Louis, MO, USA

2yrs ago

USDA Business and Industry Loan Guarantee Program

Anyone have experience and familiar with using the USDA Business and Industry Loan Guarantee Program to acquire SMBs?

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reply by a lender 2yrs ago
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA

Yes. The biggest issue with the USDA guarantee program is that you have to have hard collateral to back the loan. They will not provide the goodwill lending you can get from the SBA loan programs. But if you have an asset heavy deal or a deal with plenty of equity and sufficient collateral, it can be a great program.

The second issue worth noting is the process is typically quite a bit longer than SBA financing. That is because each deal needs to go through an approval process at the State level with the local USDA office in that State, which issues the government guarantee.

I would be happy to have a discussion with you.

reply by a lender 2yrs ago
from California State University, Sacramento in Seattle, WA, USA

+1 to BRAD he's got it right. Live Oak Bank is the #1USDA lender, and we have found that it's not really relevant for the asset-lite acquisition deals that most of our searchers are interested in.