If you’ve got a business in a rural community, a USDA loan (a loan backed by the US Department of Agriculture but extended by a business lender) can offer a great way to get working capital. Eligible businesses get low interest rates and long loan terms. Good deal, right?
Well, USDA business loan applications work a little differently than other business financing applications. You’ve got to check your eligibility, find a participating lender, and submit all the right documents―a confusing process, if you don’t know what you’re getting into.
In this guide, we’ll break down the USDA loan application process step-by-step and help you prepare to get your USDA business loan.