How to get Government Business Loans in USA

Are you aware that the US Government is currently offering loans to eligible business owners? Alright, if you have not been aware, this is your best opportunity to boost you business. It is  settled that unlike grants and benefits, government business loans must be repaid, and often with interest. However, the most interesting part of it is that it helps boost ones business. In times any loss or damage, government business loans are mostly the best measure for recovery in your business.

The purpose of the Government Business Loans Program is to improve, develop, or finance business, industry, and employment. It as well helps to improve the economic and environmental climate in rural communities. This purpose is achieved by bolstering the existing private credit structure through the guarantee of quality loans which will provide lasting community benefits.

Requirements for Government Business Loans in USA

A loan applicant may be:

• An individual,
• A public body,
• A cooperative organization, corporation, partnership, or other legal entity organized and operated on a profit or nonprofit basis, or
• An Indian tribe on a Federal or state reservation or other Federally recognized tribal group.

In addition to the above, an applicant must be engaged in or proposing to engage in a business that will:

• Provide employment,
• Promote the conservation, development, and use of water for aquaculture,
• Improve the economic or environmental climate, or
• Reduce reliance on nonrenewable energy resources by encouraging the development and construction of renewable energy systems.

Most importantly, individual borrowers must be citizens of the United States or reside in the U.S. after being legally admitted for permanent residence. Corporations or other non-public body organization-type borrowers must be at least 51 percent owned by persons who are either citizens of the U.S. or reside in the U.S. after being legally admitted for permanent residence. Business loans are normally available for businesses in rural areas.

Application Process

Complete Government Business Loan applications should be sent to the USDA Rural Development State Office for the project location or click here.