Everyone knows about SBA loans, but did you know that the USDA also has loans? The USDA business program provides financial and technical assistance to stimulate business creation and growth. It is designed to help improve the quality of life in rural communities by improving the economic opportunities available.
USDA loans focus on business opportunities that improve rural areas, and in Denver, Colorado, the USDA provides loans for this purpose. Especially in rural transportation systems, the USDA invites people to apply for grants to receive business funding.
However, there are regulations when it comes to applying for USDA loans. Rural public entities include, but are not limited to, towns, communities, state agencies, authorities, federally recognized tribes, and rural cooperatives. The rural business development grant money has to be used to benefit rural areas or towns outside urbanized locations with 50,000 or more.
When it comes to these grants, there is no maximum rent amount, but smaller requests are given higher priority. These grants can be used for many things, including training and technical assistance, development of land, pollution control, rural transportation, and economic development.
When submitting an application, you must complete all of the required paperwork and agree to the terms and conditions of the award. Applications are evaluated based on evidence showing job creation at local businesses, percent of nonfederal funding committed to the project, economic need in the area of the application, consistency with development priorities, and experience of the grantee with similar efforts.
The USDA offers loans to businesses in rural communities to stimulate business creation and growth. These loans help provide capital to businesses to enhance economic opportunities in their community. If you’re interested in applying for a USDA loan in the Denver, Colorado area, contact Aspen Commercial Lending to get advice and assistance on the process.