USDA B&I Lending

Apply for a Business Loan with a Local, USDA Guaranteed Lender

First Bank and Trust Company is one of the region’s most active participants in the USDA’s Business and Industry (B&I) Loan program. This program was designed to help create and maintain employment and improve the economic and environmental climate in rural communities. The program provides stability, growth, expansion and employment for businesses in rural communities and commercial lenders like First Bank and Trust Company to provide affordable financing for rural businesses.

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As a local bank with locations in Virginia, North Carolina and Tennessee, we understand the needs of businesses in the rural communities we call home. There are various USDA B&I loan options available for businesses that live in an eligible rural area:

  • Business Acquisition Loans: Designed to assist in acquiring an existing business.
  • Working Capital Loans: Meant to provide essential working capital for operating and growing your business.
  • Debt Refinancing Loans: Aimed at refinancing existing business debts, making them more manageable.

Eligibility varies based on the loan program. The below examples are general eligibility requirements and are not a comprehensive list for determining eligibility. First Bank and Trust Company's Loan Officers are highly skilled and experienced in determining the best loan solutions for businesses based on unique situations and needs.

To be eligible for a USDA Business and Industry Guaranteed Loan, applicants must:

  • Be a citizen of the Unites States.
  • Private-entity borrowers must demonstrate that loan funds will remain in the U.S., and the facility being financed will primarily create new or save existing jobs for rural U.S. residents.
  • Demonstrate creditworthiness.
  • Project must be located in an eligible rural area.

Additional eligibility requirements apply. Please contact a First Bank and Trust Loan Officer for additional information.

Eligible uses include (but are not limited to):

  • Business conversion, enlargement, repair, modernization, or development.
  • The purchase and development of land, buildings, and associated infrastructure for commercial or industrial properties.
  • The purchase and installation of machinery and equipment, supplies or inventory.
  • Debt refinancing when such refinancing improves cash flow and creates jobs.
  • Business and industrial acquisitions when the loan will maintain business operations and create or save jobs.

Guaranteed loan funds may NOT be used for:

  • Lines of credit
  • Owner-occupied and rental housing
  • Golf courses or golf course infrastructure
  • Racetracks or gambling facilities
  • Churches or church-controlled organizations
  • Fraternal organizations
  • Lending, investment, and insurance companies
  • Agricultural production, with certain exceptions (1)
  • Distribution or payment to a beneficiary of the borrower or an individual or entity that will retain an ownership interest in the borrower.

(1) Agricultural production is eligible only if the project is vertically integrated, ineligible for USDA Farm Service Agency (FSA) farm loan programs assistance, and it is part of an integrated business also involved in the processing of agricultural products. Commercial nurseries, forestry, and aquaculture operations are eligible without these restrictions.

Interest rates change frequently, and repayment terms may vary, so it's best to work with a Commercial Loan Officer to obtain a custom quote for a USDA Business & Industry Loan.

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Preferred Lending

USDA Rural Development Home Loan

Apply for a low interest, no down payment mortgage loan for your home through the USDA Rural Development Program. If you are purchasing your home in one of our local, rural communities you may qualify for this government-guaranteed loan. Work directly with a First Bank and Trust Company Mortgage Lender to determine if you meet the specific eligibility criteria for this program.

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