Truliant Federal Credit Union offers loans to our members through the U.S. Department of Agriculture Business and Industry program.
With a USDA loan, Truliant is here to help you grow your business.
USDA Loans are approved with the goal of strengthening the economy in rural communities through the creation of employment opportunities.
What should I expect when applying for a business loan?
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Fill out Truliant's Business Loan Application
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Make an appointment with a Business Loan officer or deliver your application to your closest branch.
- One of our loan officers will be your loan officer. They will help you through the process to answer questions and expedite your loan application. Their experience in business equipment loans is extensive.
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Once we have made a decision, usually in less than two business days, we will reach out to discuss the details of your loan.
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Whenever you're ready, your funds will be too.
What is the difference between a SBA and USDA loan?
While the SBA and USDA loans are quite similar, there are a few notable differences between the two loans.
SBA loans tend to be smaller loans, typically no larger than $5 million, whereas USDA loans can be up to $25 million. Because of this, USDA loans tend to include large fees and guarantees as opposed to SBA loans.
You can learn the differences between these two loan types to better help you with your future loans at the Federal SBA website.
What can you fund with a USDA loan?
You can use federal USDA Loans for many purposes including:
- Land purchase
- Buildings and equipment
- Working capital
- Debt refinancing
USDA Loans to Purchase Land
Businesses, tribes, cooperatives, nonprofits and public entities may qualify for USDA business and investment loans to purchase lands, easements and rights-of-way in rural areas. The funds may not be used to develop golf courses, racetracks, casinos and rental housing, among others. Private entities that apply for loans to purchase land will be required to show that the money will remain in the U.S. and will be used for developments that will save jobs or create new jobs for rural residents.
USDA Loans to Purchase Buildings and Equipment
Truliant USDA loans may also be used to purchase buildings and equipment. Individuals who are U.S. citizens or lawful permanent U.S. residents may be eligible for the loans. Private entities might also be eligible for the loans under the previously listed restrictions.
The buildings must be located in rural areas with populations of less than 50,000 people and intended to create new jobs in rural locations or to save existing jobs.
USDA Loans to Meet Needs for Working Capital
Businesses operating in qualifying rural areas that need money for working capital might also be eligible to apply for USDA loans. They will need to demonstrate that the funds will remain in the U.S. and will be used to preserve existing jobs or create new ones.
USDA Loans to Refinance Debt
Businesses, nonprofits, tribes and public entities might also apply for USDA loans to refinance their existing debt so that it can continue to operate and improve the local economy. According to the Office of the Comptroller of the Currency, since these loans are federally guaranteed, these types of loans often offer longer repayment terms and lower interest rates than other types of loan products.
USDA business and industry loans are designed to stimulate job creation and growth in rural areas. People and organizations with qualifying business operations and planned projects in rural areas can learn more by visiting a Truliant location.
