Seminar on USDA loans

BANGOR – The Rural Development agency of the U.S. Department of Agriculture will conduct a seminar, “Equity Partners for Maine,” from 9 a.m. to 12:15 p.m. Friday, May 2, at the Four Points Sheraton at Bangor International Airport. The purpose is to share the benefits of using Rural Development-guaranteed programs to make dollars go further in Maine with lenders.

The seminar is part of a nationwide initiative called Equity Partners Across America. State and regional lending specialists from Rural Development are meeting with lenders to discuss the benefits its guaranteed loans can bring to lenders, local businesses and rural communities. The initiative informs lenders and partners of how local resources can be enhanced to make community investments go farther.

The agency offers a variety of guaranteed programs as tools for building rural communities. Guaranteed loans can be used to finance new construction, equipment, expansion, working capital and debt restructuring for new or existing businesses; to purchase and install renewable energy systems or make energy efficiency improvements for farmers and rural small businesses; to finance construction, enlarge or improve facilities such as schools, libraries, hospitals, fire and rescue stations; to finance homeownership for individuals; and to finance multi-family housing apartments in rural areas.

Guaranteed loans offer benefits such as reduction of risk, which may enable lenders to offer more competitive pricing and loan structuring for local business and industry. Another benefit is that the guaranteed portion of the loan is equivalent to a federally backed security that the lender can choose to sell on the secondary market.

Guaranteed loans also help lenders meet Community Reinvestment Act requirements.

Using loan guarantees to help finance community facilities builds the visibility of the lender in local communities.

To attend the Equity Partners for Maine seminar, call Elizabeth Greer at 990-9161 or e-mail name, title and organization to rdhelps@me.usda.gov.