Stearns Bank is committed to the U.S. Department of Agriculture (USDA) loan programs. The mission of these programs is to increase economic opportunity, create jobs, and enhance the quality of life in smaller communities by providing financial backing to businesses within these communities.
The Business & Industry loan is the most common USDA loan that Stearns Bank provides to new or existing businesses in communities of 50,000 people or less.
|Loan Amount||Up to $30 million|
|Use of proceeds||Acquisition, construction, expansion, development, equipment purchase & finance, start-up costs, working capital, refinance|
|Loan Terms||Up to 30 years|
|Eligibility||Any legal entity including individuals, public, and private organizations in smaller rural communities. The eligibility test is often if the project creates jobs and contributes to the economic well being of the community.|
This USDA loan program is for public facilities in communities of up to 20,000 people. They help schools, community colleges, libraries, hospitals, police stations, community centers and more, secure financing for land acquisition, construction, expansion, legal and professional fees, equipment and fixtures. Please give us a call for more details.