Small business loans

RCAC’s Small Business Loan Program assists businesses to retain or create jobs and thus improve the economic condition of rural communities. The business must be located in a rural community defined as 50,000 or less population. This program offers short-term loans for working capital and lines of credit as well as long-term loans for real estate and equipment. Most small businesses rely on lenders to provide the capital they need for acquisitions, capital improvements, business expansions and to bridge cash flow gaps. Without loans, many small business owners would be unable to realize their dreams of running their own business or expanding their operations. RCAC’s business loans are tailored to the needs of the particular business with flexible terms and requirements. Please see the Small Business Loan Application for more information and please contact us to discuss your business financing needs.

No-Cost Small Business Coaching

Building Rural Economies Small Business Coaching team provides no-cost direct technical assistance to rural entrepreneurs and small businesses to launch or re-launch their business, operate, sustain, and grow their business, secure access to financing, and build networks.

Click here to request small business coaching.

Small Business Loan Application & Checklist

Please send the complete application package with original signature (blue ink is always helpful) to the loan officer serving your area. See loan fund contacts. If you have any questions as you work through the process, please do not hesitate to contact the loan officer for your state. Loan application for priority funding as well as credit in determining the loan interest rate may apply to small business loans that include green-build methods and materials. If applicable, please complete and sign the RCAC Loan Fund Business Lending Green Criteria Checklist and submit with the loan application.

All of the documents numbered 1 – 11 are required as part of the loan application. Also required are as many of the documents numbered 12 – 18 that are available at this time (if applicable to your loan request). (This page may be printed and used as a hard copy checklist.)

  1. Loan application form (Please complete in detail and sign.)
  2. Current Balance Sheet for Business and Principals with 20% or More Ownership Interest
  3. Year-to-Date Profit and Loss Statement
  4. Most Recent Three Full Operating Years:
    • Balance Sheet
    • Profit and Loss
    • Tax Returns
  5. Business Plan (as per the suggested outline.) Required for all businesses less than two years old.May be required on a case-by-case basis for more established applicants.
  6. Instructions for Resolution to Borrow and Resolution to Borrow (RCAC form or equivalent)
  7. Personal history/resume (for individuals with a 20% or greater ownership interest)
  8. Board of Directors list including: name, address, phone numbers and experience that member brings to the Board, if applicable
  9. Articles of Incorporation and Bylaws (including any amendments), or Certificate of Formation and Operating Agreement, if applicable
  10. Copy of Fictitious Business Name Certificate or copy of DBA name filing as appropriate for state (if applicable)
  11. Applicable business license(s)

Please provide the items below that are available at this time, if applicable to your loan request.  Documents that are not available at this time will have to be provided at a later date if applicable to the particular loan under consideration.

  1. Feasibility study (Generally required for new or substantially expanded facilities.) Paid for by borrower, may be financed on a case-by-case basis.
  2. Purchase and sales agreement with addendum
  3. Preliminary title report
  4. Appraisal
  5. Location map
  6. Site plan
  7. Plans and specifications
  8. Itemized cost breakdown
  9. Survey
  10. Phase I environmental report

If you would like to talk to an RCAC loan fund staff member about these or other lending needs, please call 1-855-979-7322.

Small Business Lending brochure (PDF Format)