Commercial Loan Direct offers USDA loans. The Business and Industry Guaranteed Loan Program (B&I) helps create jobs and stimulates rural economies by providing financial backing for businesses
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Atlanta, Georgia (PRWEB) July 31, 2012
Commercial Loan Direct, a business division of CLD Capital and one of the top five online originators of commercial and apartment loans in the country, has increased its overall USDA loan production by over 31% Year-to-Date.
Commercial Loan Direct offers USDA loans. The Business and Industry Guaranteed Loan Program (B&I) helps create jobs and stimulates rural economies by providing financial backing for businesses. This program provides guarantees up to 80 percent of a USDA loan made by a commercial lender. USDA Loan proceeds may be used for working capital, machinery and equipment, buildings and real estate, and certain types of debt refinancing. The primary purpose of USDA Loans is to create and maintain employment and improve the economic climate in rural communities. This is achieved by expanding the lending capability of private lenders in rural areas and helping them make and service quality loans that provide lasting community benefits. This program represents a true private-public partnership. CLD offers USDA business loans nationwide.
USDA BUSINESS AND INDUSTRY GUARANTEED LOANS (B&I)
The purpose of the USDA B&I Guaranteed Loan Program is to improve, develop, or finance business, industry, and employment and 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 USDA loans which will provide lasting community benefits. It is not intended that the guarantee authority will be used for marginal or substandard loans or for relief of lenders having such USDA loans.
Who May Borrow?
A borrower may be a cooperative organization, corporation, partnership, or other legal entity organized and operated on a profit or nonprofit basis; an Indian tribe on a Federal or State reservation or other Federally recognized tribal group; a public body; or an individual. A borrower must be engaged in or proposing to engage in a business that will:
2.Improve the economic or environmental climate;
3.Promote the conservation, development, and use of water for aquaculture; or
4.Reduce reliance on nonrenewable energy resources by encouraging the development and construction of solar energy systems and other renewable energy systems.
Individual borrowers must be citizens of the United States (U.S.) or reside in the U.S. after being legally admitted for permanent residence. Corporations or other nonpublic 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. B&I USDA loans are normally available in rural areas, which include all areas other than cities or towns of more than 50,000 people and the contiguous and adjacent urbanized area of such cities or towns.
How May Funds be Used?
Mortgage purposes must be consistent with the general purpose contained in the regulation. They include but are not limited to the following:
a.Business and industrial acquisitions when the loan will keep the business from closing, prevent the loss of employment opportunities, or provide expanded job opportunities.
b.Business conversion, enlargement, repair, modernization, or development.
c.Purchase and development of land, easements, rights-of-way, buildings, or facilities.
d.Purchase of equipment, leasehold improvements, machinery, supplies, or inventory.
CLD also offers Small Business Administration (SBA Loans) and USDA B&I Loans
Commercial Loan Direct ('CLD') a division of CLD Capital is a wholesale commercial mortgage lender and apartment mortgage banker originating for its own portfolio. In addition to offering its own financial programs, CLD has partnered with institutional investors, Fannie Mae, Freddie Mac, FHA, SBA, USDA, life insurance companies, banks and real estate investment trusts to bring you a wider selection of additional lending vehicles. With a focus on commercial loans over $1 million, a diversified mix of financing products, a state of the art online commercial lending platform, and a staff of experienced professionals, CLD provides a cost-efficient solution for apartment lending and commercial property financing.