Carly Bortz, Administrative/Communications Assistant
You could be missing out on loan programs for your home or business.
Eligible businesses and home buyers/owners in rural communities could receive USDA assistance, but local lenders may be unaware these programs exist or how they work.
NLEA came together with loan experts Alan Anderson and Shelly Collins of USDA Rural Development to host a lending forum to walk local lenders through their Business & Industry Loan Guarantee Program and several Rural Housing loan services.
In a small group setting, the lending forum was a great way for lenders to have their questions answered and have fruitful discussion on loan eligibility, restrictions, and terms. Lenders also learned the process of underwriting these USDA loans so that they would be better prepared to offer programs to their clients.
Participating lenders included Huntington Bank, 4Front Credit Union, Citizens National Bank, First Community Bank, and Greenstone Farm Credit Services.
USDA’s Business & Industry Loan Guarantee program improves the economic health of rural communities by increasing business capital through loan guarantees that enable commercial lenders to provide affordable financing for businesses in eligible rural areas. Qualifying businesses range from for-profit, non-profit, public bodies, to individuals. Whether converting, developing, repairing, or refinancing your business, find local lenders to help.
On the residential side of things, USDA has multiple loan programs to provide decent, safe, and sanitary housing for single family dwellings or multi-family rental units for residents with very-low, low and moderate incomes. These programs also seek to assist the elderly and persons with disabilities lacking affordable housing. With ongoing shortages of affordable housing, USDA may be able to assist you.
For more information on the Lending Forum and USDA loan programs, call the NLEA at 231-582-6482 or email info@northernlakes.net.
