OUR PROGRAMS

USDA BUSINESS & INDUSTRY LOAN PROGRAM
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Targeting Job Creation and Retention in Rural South Carolina

Business Carolina, Inc. has partnered with the U.S. Department of Agriculture to help spur job creation and retention in South Carolina's rural areas through the USDA Business and Industry Loan Program (B&I), with loans ranging from $750,000 to $5 million.

New or existing businesses in U.S. Census tracts of 50,000 people or less are eligible to apply for this financing. Loans are fully amortized, thus not subject to balloon payments or interest rate calls. Repayment terms can be structured for multiple uses and can extend up to 25 years.

The B&I funds can be used by individuals or operating businesses to buy existing businesses, buildings or land. They also can be used to refinance construction loans and other indebtedness and to buy machinery and equipment or inject working capital into an enterprise.

Business Carolina, Inc. encourages businesses of all kinds to consider applying, including those involved in manufacturing, wholesale and distribution, retail and service, recreation, hotel and motel properties, residential care and nursing facilities, and commercial income property projects.

Business assets and personal guarantees from each owner of 20 percent or more of the business will be required as collateral for B&I loans. There also are specific equity requirements for start-up businesses, and Business Carolina, Inc. and the USDA must be satisfied that cash flow will be sufficient to ensure repayment of the debt.

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