A Small Business Investment Company (SBIC) is a corporation established with the assistance of the SBA to lend money to small businesses. Some SBICs serve minority enterprises, and are called Minority Small Business Investment Companies (MSBICs). An SBIC can borrow up to four times its invested capital from the SBA. It then lends out these funds to other businesses, aiming to make a profit on each loan transaction.
There are some 400 of these across the country, each with different investment goals and objectives. For more information on business financing, click “Small Business Planner” on the SBA home page (www. sba.gov). The SBA site also offers a list of SBIC addresses and areas of investment specialty.
USDA Rural Development
This loan program is aimed at businesses that provide jobs in rural America. Business loans through the U.S. Department of Agriculture’s Rural Development program (formerly the Farmers’ Home Administration or FmHA) are guaranteed in towns with a population of 50,000 or less or in suburban areas where the population density is no more than 100 per square mile. Use of the loans varies considerably; loans have been made to enable a grocery clerk to buy the store he worked in and for someone to buy a McDonald’s fast food franchise.
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Rural Development loans are normally made through a local bank. For information on these loans click “Loans” at the USDA Rural Development website (www.rurdev.usda.gov). At the website you can also locate the nearest USDA Service Center. Loans under this program often take months to complete, so allow plenty of lead time.
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