First Bank of the Lake: USDA Loans: Growing and Creating Job Opportunities by Backing Local Business!

Our bank at the Lake of the Ozarks prides itself on doing everything we can to help grow this community! One of the best ways to go about doing that is improving our economy. USDA Loans can give aspiring business owners a fighting chance to succeed in this area. You specialize in business. We specialize in business financing. Keep reading this week's blog to learn all about the USDA Loans we offer. If you end up having any questions, please call First Bank of the Lake today at (573) 348-2265.

We’re more than lenders. We’re your lending partner.

As a nationwide lender, we have the resources and extensive experience to tailor solutions for your business.

Our goal is to support your vision with financing that makes good business sense. If you’re looking to start or expand your business, we offer loans that are designed to meet your needs.

You specialize in business. We specialize in business financing.

Small businesses make a big impact on our economy, our communities, and our families. When businesses are strong and growing, communities thrive. It makes good sense to support businesses with accessible financing to support these rural communities. First Bank of the Lake has the experience to help you fund your vision of owning or growing a business with government-backed loans through the U.S. Department of Agriculture (USDA).

The USDA provides loans to local businesses for projects that create and retain employment in rural areas. Providing an opportunity for stability, growth and expansion to new or existing businesses in communities of 50,000 people or less.

The specialized financing team at First Bank of the Lake is well-versed in USDA financing solutions suited to fit your business’ needs. We have worked to secure funding for rural businesses across the country and continue to support these communities with the help of USDA programs. Your business requires your full-time attention and you need to be able to rely on the skills and expertise of a lending team that is familiar with the ins and outs of USDA programs.

Let us guide your financing to help build rural America together.

Thriving businesses are important-and not just in big cities. Rural businesses are the lifeblood of our small towns and play an essential role across the country.

Get started today!

Take advantage of financing options through the USDA program

Lower down payments
Longer terms to maximize cash flow
Designed to help rural communities grow and add jobs
Encourages the development and construction of renewable energy projects such as solar and wind power

First Bank of the Lake offers the following loans in partnership with the USDA.

Loans to small businesses in rural areas
Loans to owner-operated farms and ranches
Loans to non-profit
Loans can typically be used for the following purposes
Renewable Energy
Equipment Financing
Real-estate Financing
Inventory Purchasing
Working Capital
Energy Efficiency Projects

Plus, with First Bank of the Lake you’ll enjoy:

Expert support and advice
Quick Response
Flexible Options
Experienced Underwriters

USDA Loans

A great tool for rural businesses!

Use of Proceeds

USDA business loans can be used for a variety of business purposes, including the following:

Developing, converting, modernizing, enlarging, or repairing your business.
Land purchase and development
Purchasing equipment, machinery, or commercial leasehold improvements
Purchasing supplies or inventory
Refinance existing debt, if new jobs will be created by your project or other conditions are met.
Business and industrial acquisitions when the loan will keep the business from closing or will save or create jobs

Please note: Loans cannot be used for charitable organizations, religious institutions, lending or insurance businesses, golf courses or racetracks.

Maximum Loan Amounts

The maximum you can borrow is usually $10 million (it’s higher for certain types of projects). There’s no set minimum, but there are limits on how much you can borrow based on the value of your project and what you’re using the funds for. The maximum loan-to-value cannot exceed the following:

80% for real estate
70% for equipment

From start to finish, we’re here for you!

You’ll have the support of a nationwide preferred lender with an experienced underwriting and closing team. We’re ready to guide you through each transaction.