|
|
 |
| home |
USDA Rural Development
| |
|
Fairfax hospital lands $15M USDA loan
The primary health care provider for Atchison and Holt counties got a $15 million guaranteed loan from the U.S. Department of Agriculture's Rural Development program. Northwest Missouri Congressman Sam Graves, who lives in Atchison County, announced the loan's approval on Tuesday afternoon. . . . keep reading
|
Rural Development: Implementing the American Recovery and Reinvestment Act of 2009
Rural Development's B& I Guaranteed Loan Program has received approximately $3 billion under Division I, Title A, of the Recovery Act to provide additional funds to lenders in connection with our program's purpose to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities. This will be achieved by bolstering the existing private credit structure through the guarantee of quality loans which will provide lasting community benefits. We have funds available under this authority through September 30, 2010. . . . keep reading
|
Knapp Haven Nursing Home in Chetek will receive a $2.86 Million Rural Development Loan
Knapp Haven Nursing Home in Chetek will receive a $2.86 million Rural Development loan funded by the American Recovery and Reinvestment Act for construction and renovation. City of Chetek Clerk Carmen Newman says Knapp Haven will take out up to $1.8 million of the loan. More information about rural development stimulus funding can be found at www.rurdev.usda.gov/arra/recovery-program.htm. . . . keep reading
|
Rural Nebraska Hospital Receives Community Facility Loan
About $20 million worth of construction for new patient and surgical wings as well as outpatient treatment rooms is being planned to start at Community Hospital beginning in October. The board also approved the financing method to be used for the project, using direct funds from the USDA Rural Development Community Facility Loan and Guarantee program and loans from participating local and area banks. Half the costs will be covered by the USDA loan, Ulrich said, with loans from area banks and funds from hospital reserves to cover the remainder of the project costs. The portion of the financing coming from the local and area banks are to be guaranteed by the USDA loan after construction is completed. The project will take about two and half years and patient care services will not be interrupted during construction. . . . keep reading
|
2009 Rural Lenders Roundtable
The Rural Lenders Roundtable will be an excellent opportunity for rural lending specialists to come together and receive updates on a number of rural government guaranteed loan programs. This is the ONLY forum addressing commercial rural development issues using USDA's Commercial Rural Development guaranteed lending programs. Don't miss this unique opportunity to gather with the top lending USDA personnel and top USDA lenders in the same room! October 6 in Washington, DC . . . keep reading
|
Stimulus Funds: USDA Loans
The stimulus money is creating many changes and opportunities for organizations. One of my goals is to look for ways that your organization can benefit from these changes. One of these changes has to do with USDA loans. I recently met with BVFR & Associates, LLC to learn about an old loan program, which is getting a bit of refreshing by the stimulus plan. The stimulus plan has allocated $2 billion for loan guarantees of 60% to 90%. This safety factor allows lenders to reduce interest rates by up to 150 basis points. By guaranteeing loans up to $25 million, this program is a "hand up" not a "hand out." . . . keep reading
|
USDA, DOE, EPA Team Up for Biofuels, Jobs
President Obama directed Vilsack to expedite and increase production of and investment in biofuel development efforts by:
Refinancing existing investments in renewable fuels to preserve jobs in ethanol and biodiesel plants, renewable electricity generation plants, and other supporting industries; and
Making renewable energy financing opportunities from the Food, Conservation and Energy Act of 2008 available within 30 days. . . . keep reading
|
$3.9 Billion Added to B&I, But Funding Still Frozen
On February 17, 2009 President Obama signed the American Recovery and Reinvestment Bill which adds approximately $2.9 billion to the USDA B&I Budgets for 2009 and 2010. Later the President signed the Agriculture Appropriation Bill for 2009. When these two bills are added together there is approximately $3.9 billion for B&I loans or almost 300% of what B&I funded in the 2008 budget.
Good news! There is more than ample funds in the B&I loan program in 2009 and 2010.
Good news! There also appears to be ample funding in USDA's Energy loan programs - roughly $60 million in subsidies. Good news! USDA new regulations will be effective June 1, 2009 and the new regulation will have a fast track 10 day approval process in its Preferred Lender Program (PLP) and the Agency is incorporating many of the recommendations made by those in the Industry and Government.
Not so good news! Even with $3.9 billion in funding the funds have not reached the states which are still approving loans subject to funding. This keeps Lenders from closing loans and keeps the economy from benefiting from the stimulus package. . . . keep reading
|
USDA Signals Support for Domestic Biofuels
Today, Secretary of Agriculture Tom Vilsack announced that the U.S. Department of Agriculture (USDA) will issue loan guarantees to promote domestic biofuel development, specifically ethanol. Vilsack also highlighted the cooperation between the USDA and the Department of Energy to forward research efforts and identify new feedstocks for biofuels. The two agencies are parterning in hopes to identify valuable fuel stocks which can alleviate the pressue on foodstocks. Last year, corn-based ethanol received heightened scrutiny, as it drove up food prices and presented ethical debates on food versus fuel production. . . . keep reading
|
USDA Rural Loan Progam Changes Put on Hold
The effective date of the interim rule, which was published on December 17, 2008 [73 FR 76698], delayed until February 17, 2009 [74 FR 2823], is further delayed until March 9, 2009. Comments on extending the effective date to June 1, 2009, must be received on or before February 20, 2009. . . . keep reading
|
Lancaster Pollard has again been named to Affordable Housing Finance Magazine's Top Lenders list
A national provider of financing and financial advisory services for hospitals, senior health care, and affordable housing, Lancaster Pollard remains a consistent provider of capital to these sectors, even as other firms are withdrawing from them. While several lenders dropped off the "Affordable Housing Finance" list or merged between 2007 and 2008, Lancaster Pollard's portfolio of services for affordable housing grew. The firm remains the No. 1 refinancier of HUD Section 202 affordable senior housing properties, the No. 2 HUD multifamily housing lender, and the No. 2 USDA Section 538 lender in the nation. . . . keep reading
|
USDA B&I lenders needn't wait for a new Federal loan guarantee program
USDA Rural Development's Business & Industry (B&I) guaranteed loan program is just such a product. Consider some of its features: -
B&I provides 80% guarantees on loans up to $5 million (and 70% on loans of $5-10 million). -
B&I offers a "One-Doc" program similar to the old SBA "Low-Doc" model for loans up to $600,000. -
B&I guarantee fees are relatively inexpensive -- generally 1.6% (based on 2% of the guaranteed amount of the loan, typically 2% of 80%). -
B&I charges a once-a-year (rather than monthly) renewal fee of 0.25% of the guaranteed principal as of 12/31 -- a fee that, though paid by the lender, may be passed on to the borrower. . . . keep reading
|
Implementation of New B&I rules Delayed Until February 17, 2009
At the 11th hour, USDA Rural Development has decided to delay the implementation of its sweeping "interim final rule". This rule, which was to have taken effect today would have completely replaced the guaranteed loan regulations governing Business & Industry (B&I), Community Facilities (CF), Rural Energy (REAP), and Water & Waste Disposal (WWD) programs. . . . keep reading
|
New Year Brings Entirely New B&I Regulation
A sweeping change in the rules governing the USDA Rural Development (RD) Business & Industry (B&I) guaranteed loan program will take effect on January 16, 2009. IN FACT, THE ENTIRE B&I REGULATION IS BEING REPLACED with a single new consolidated rule governing not just B&I but also RD's Rural Energy, Community Facilities, and Water & Waste guaranteed loan programs. The new rule was published in the Federal Register on December 17, 2008. It puts in place many of the changes which you may recall were first proposed back in September 2007. . . . keep reading
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coleman Learning Series
View Full Collection
Over 20 SBA Industry Experts
Order Online |
|
|
| Follow Bob Coleman on Twitter |
|
|
|
