Skip to main content
Locations Help

Personal Online Banking Login

Business Banking

Login

Mortgage Statements

Login

Credit Card Logins

Go

Wealth - Trust & Investments

Login

Wealth - Raymond James

Login

Wealth - (RPS) Epic Advisor

Login

USDA Rural Development Loan Details

  • Loans ranging from $2 million to $25 million
  • Competitive fixed or variable interest rates
  • Loan terms up to 40 years
  • Business must be located in an eligible rural area
  • For- or non-profit businesses

Eligibility Criteria for USDA Rural Development Loans

Business Location

While the borrower’s headquarters can be based in a larger city, project must be in an eligible rural area in the U.S. with a population of 50,000 or less

Business Type

Eligible businesses include for-profit and nonprofit entities, cooperatives, federally recognized Tribes, public bodies, and individuals involved in an eligible rural business.

Business Contingencies

Loan funds must stay in the U.S., and the financed facility should create or save jobs for rural residents.

Use of Funds

Funds can be used for business and land development; purchasing machinery, equipment, and inventory; debt refinancing to create jobs and improve cash flow; business acquisition and more

Empower Your Business With a USDA Rural Development Loan

Work with Midland to secure the funding you need.

1. Compare loan options to ensure a USDA Rural Development loan is right for you.
2. Get started

by clicking the link below and connecting with an expert to start your application.

3. Receive funds

after your application is approved and begin funding your next business project.

Frequently Asked Questions

What are some eligible uses for USDA RD loans?

  • Business development, growth, modernization, conversion, or repair
  • Land purchase and development, commercial or industrial buildings and infrastructure
  • Purchase and installation of machinery, equipment, supplies, and inventory
  • Refinancing debt to create cash flow and jobs
  • Business or industry acquisition to maintain operations and save jobs

What are some examples of ineligible uses for USDA RD loans?

  • Lines of credit
  • Owner-occupied or rental housing
  • Golf courses, gambling facilities, church or fraternal organizations
  • Most agriculture production (with exceptions)
  • Payments to beneficiaries, lending, investment, or insurance companies

What's the difference between a USDA RD loan and an SBA loan?

USDA RD loans support economic development in rural areas, offering $2 million to $25 million for projects like infrastructure and job creation. SBA loans are available to small businesses, providing up to $5 million for various needs, with varying interest rates and terms.

What are the benefits of USDA loans?

USDA loans help make homeownership more affordable in rural areas. The United States Department of Agriculture (USDA) backs USDA loans. A lender like Midland States Bank issues the loan, while the USDA's involvement guarantees it. Most USDA loans have competitive interest rates and low-cost mortgage insurance (paid monthly). They also have flexible credit requirements, making it easier for low- and middle-income families to get approval.

Prefer Personal Assistance?

Our team of dedicated professionals are here to support you.