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# Interagency capital resources for small businesses

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## Content

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## Participating federal agencies

                  - Department of Agriculture (USDA)
                  - Department of Commerce (Commerce)
                  - Department of Housing and Urban Development (HUD)
                  - Department of the Treasury (Treasury)
                  - Department of Transportation (DOT)
                  - Small Business Administration (SBA)

## Resources for small businesses

These agencies offer direct and federally guaranteed loans and grants for small businesses.  Read on for more information on eligibility and accessibility.

###         Microloan program | SBA      

SBA's microloan program provides loans up to $50,000. These are to help small businesses and certain not-for-profit childcare centers start up and expand. 

### What type of financing is this?

                        - Loans

### Who is eligible to apply?

SBA provides funds to specially designated intermediary lenders. These are nonprofit community-based organizations with experience in lending. They also have experience in management and technical assistance. These intermediaries administer the Microloan program for eligible borrowers. Find a microlender. 

### How can businesses access these financial resources?

Contact your local SBA District Office or Small Business Development Center. 

###         7(a) loan program | SBA      

The 7(a) loan program is SBA’s primary business loan program. The 7(a) program provides loan guaranties to lenders. This allows lenders to provide financial help for small businesses with special requirements. 7(a) loans can be used for: 
                        - Acquiring, refinancing, or improving real estate and buildings
                        - Short- and long-term working capital 
                        - Refinancing current business debt 
                        - Purchasing and installation of machinery and equipment,  including AI-related expenses
                        - Purchasing furniture, fixtures, and supplies 
                        - Changes of ownership (complete or partial)
                        - Multiple purpose loans, including any of the above 

### **What type of financing is this?**

                        - Loans 

### **Who is eligible to apply?**

Businesses must meet the following criteria: 
                        - Be an operating business.
                        - Operate for profit.
                        - Be located in the U.S.
                        - Be small under SBA  size requirements
                        - Not be a  type of ineligible business
                        - Not be able to obtain the desired credit on reasonable terms from non-Federal, non-State, and non-local government sources.
                        - Be creditworthy and demonstrate a reasonable ability to repay the loan.

###         504 loan program | SBA      

The 504 loan program provides long-term, fixed-rate financing for fixed assets that promote business growth and job creation. The maximum loan amount for a 504 loan is $5.5 million. For certain energy projects, the borrower can receive a 504 loan for up to $5.5 million per project. This applies to up to three projects, which cannot exceed $16.5 million total.

### **What type of financing is this?**

                        - Loans 

### **Who is eligible to apply?**

504 loans are available exclusively through Certified Development Companies (CDCs). CDCs will help businesses navigate the lender channels to create their project financing. Find a CDC.

Get matched to potential lenders offering SBA-backed funding.

### **How can businesses access these financial resources?**

Contact your local SBA District Office or Small Business Development Center. 

###         Rural Microentrepreneur Assistance Program | USDA      

The Rural Microentrepreneur Assistance Program provides loans and grants to Microenterprise Development Organizations (MDOs). These help microenterprises startup and grow through a Rural Microloan Revolving Fund. They also provide training and technical assistance to microloan borrowers and micro entrepreneurs.

### **What type of service is this?**

                        - Grant 
                        - Loan
                        - Technical Assistance

### **Who is eligible to apply?**

                        - Nonprofits
                        - Federally recognized tribes
                        - Institutions of higher education
                        - Businesses located in an eligible area with 10 or fewer full-time employees

An eligible area is a rural area (outside a city or town) with a population of fewer than 50,000 residents. The borrower’s headquarters may be within a larger city if the project service area is in an eligible rural area. The lender may be located anywhere.

Microenterprise Development Organizations must:
                        - Demonstrate experience in managing a Revolving Loan Fund
                        - Certify that it or its employees have received education and training from a qualified microenterprise development training entity
                        - Demonstrate that it is actively and successfully participating as an intermediary lender in good standing under an SBA loan program as determined by the Administrator

### **How can businesses access these financial resources?**

Contact the Rural Development state office where the business is located.

###         Business and Industry Guaranteed Loan Program | USDA      

The Business and Industry (B&I) Guaranteed Loan Program is a loan guarantee program. It assists credit-worthy rural businesses in obtaining credit for legal business purposes. This program improves the economic health of rural communities by increasing access to business capital. Guaranteed loans enable commercial lenders to provide affordable financing for rural businesses. The intent is to save and create jobs in rural America.

### **What type of service is this?**

                        - Loans

### **Who is eligible to apply?**

                        - For-profit or non-profit businesses
                        - Cooperatives
                        - Federally recognized Tribes
                        - Public bodies
                        - Individuals engaged or proposing to engage in a business

### **How can businesses access these financial resources?**

Contact the Rural Development state office where the business is located.

###         Rural Energy for America Guaranteed Loan Program (REAP) | USDA       

The Rural Energy for America Guaranteed Loan Program (REAP) provides guaranteed loan financing and grant funding to agricultural producers and rural small businesses. These are meant for for renewable energy systems or to make energy efficiency improvements. Agricultural producers may also apply for:
                        - New energy-efficient equipment 
                        - New system loans for agricultural production and processing

### **What type of service is this?**

                        - Loan
                        - Grant

### **Who is eligible to apply?**

Agricultural producers and rural small businesses are eligible to apply.

### **How can businesses access these financial resources?**

Contact the Rural Development state office where the business is located.

## Indirect programs: government to intermediary to business

These programs are administered by intermediaries who receive funding from the federal government. Small business owners can apply for funding from these intermediaries, which vary by state and locality. 

###         Build to Scale Program | Commerce      

The Economic Development Administration (EDA)'s  Build to Scale Program contains both the Venture Challenge and Capital Challenge. These strengthen regional economies by enabling startups to start and grow. EDA's grants increase regional capacity to support diverse technology innovators, entrepreneurs, and startups. In particular, Capital Challenge awards provide programmatic and operational support. This is meant for the formation, launch, or scale of investment funds that seek to provide access to capital that enables technology companies to start and scale. 

### **What type of service is this?**

                        - Grant   

### **Who is eligible to apply?**

Build to Scale grantees typically include:
                        - States
                        - Native American tribes
                        - Cities or other political subdivisions 

They could also include:
                        - Nonprofits
                        - Higher education institutions 
                        - Public-private partnerships 
                        - Science or research parks
                        - Federal laboratories
                        - Venture development organization
                        - Economic development organization or similar entity that is focused primarily on improving science, technology, innovation, or entrepreneurship
                        - A consortium of any of these entities

### **How can businesses access these financial resources?**

Contact one of the 2023 Capital Challenge awardees directly for more information.

###         Small Business Investment Company (SBIC) program | SBA      

A Small Business Investment Company (SBIC) is a privately owned company that’s licensed and regulated by SBA. SBICs invest in small businesses in the form of debt and equity. SBA doesn’t invest directly into small businesses, but it does provide funding to qualified SBICs with expertise in certain sectors or industries. Those SBICs then use their private funds, along with SBA-guaranteed funding, to invest in small businesses. All small businesses seeking investment capital can approach licensed SBICs to seek investment. 

### **What type of service is this?**

                        - Hybrid (loans, equity)

### **Who is eligible to apply?**

Privately managed, for-profit investment companies formed to provide equity and/or debt capital to U.S. small businesses can apply for an SBIC license.  SBIC licensees are also eligible for SBA capital. This takes the form of a government-guaranteed loan to the fund to match privately raised capital.

### **How can businesses access these financial resources?**

Use the Small Business Investment Company Directory to find an SBIC.

###         CDFI fund | Treasury      

The Community Development Financial Institutions Program (CDFI Program) invests federal resources—which are matched with private funding—in CDFIs working to serve low-income and underserved people and communities. The CDFI Program offers both Financial Assistance and Technical Assistance awards to CDFIs. These awards support and enhance the ability of these organizations to meet the needs of their communities.

Treasury also invested $8.57 billion in 175 community financial institution banks and credit unions through the Emergency Capital Investment Program (ECIP) to support the efforts of these institutions to provide loans and other assistance to small and minority-owned businesses and consumers, especially in low-income and financially underserved communities that struggled during the COVID-19 crisis. 

### **What type of service is this?**

                        - Hybrid (loans, equity, grants)

### **Who is eligible to apply?**

Community Development Financial Institutions (CDFIs)

### **How can businesses access these financial resources?**

There are over 1,400 certified CDFIs in the U.S., which includes banks, credit unions, and loan funds. Each offers a unique mix of small business loan and investment products. To find a CDFI in your area, use either the Treasury Department’s searchable award database or the Opportunity Finance Network’s CDFI Locator tool. 

You can also view state-specific lists of community financial institutions participating in the ECIP. Business owners should contact the institutions directly to ask if they provide business loans and what is required to apply.

###         State Small Business Credit Initiative (SSBCI) | Treasury      

The SSBCI program provides funds to states, the District of Columbia, territories, and Tribal governments. The purpose is to promote American entrepreneurship, support small business ownership, and democratize access to capital across the country, including in underserved communities. The jurisdictions then provide funding to small businesses through:
                        - Equity and venture capital programs
                        - Loan participation programs
                        - Loan guarantee programs
                        - Collateral support programs
                        - Capital access programs tailored to local market conditions

Recipient jurisdictions, and the Minority Business Development Agency at the U.S. Department of Commerce will support technical assistance to improve access to capital, including for traditionally underserved entrepreneurs.

### **What type of service is this?**

                        - Hybrid (equity & loans)

### **Who is eligible to apply?**

States, the District of Columbia, territories, and Tribal governments are eligible applicants. 

### **How can businesses access these financial resources?**

Access a searchable database of SSBCI investment programs, and contact information. These programs are offered by states, territories, and Tribes. Capital Program profiles offer more detail on individual programs and their focus. Finally, businesses can access technical assistance to apply to state SSBCI programs through the Minority Business Development Agency’s Capital Readiness Program (MBDA’s CRP). Get additional information about MBDA’s CRP and its grantees.  

###         Intermediary Relending Program | USDA      

The Intermediary Relending Program provides 1% low-interest loans to local lenders or “intermediaries”. The loans are intended to improve economic conditions and create jobs in rural communities. These intermediaries then re-lend to businesses. 

### **What type of service is this?**

                        - Loan

**Who is eligible to apply?**

Nonprofits and cooperatives, federally recognized tribes, public agencies, cooperatives 

### **How can businesses access these financial resources? **

Contact the Rural Development state office where the business is located.

###         Rural Economic Development Loan and Grant | USDA      

The Rural Economic Development Loan and Grant Program provides funding for rural projects through local utility organizations. USDA provides zero-interest loans to local utilities. Utilities then pass them through to local businesses for projects that will create and retain employment in rural areas. The local businesses then repay the lending utility directly. The utility is responsible for repayment to USDA.

### **What type of service is this?**

                        - Loan
                        - Grant

### **Who is eligible to apply?**

                        - Current Rural Utilities Service (RUS), electric or telecommunication borrowers
                        - Any former RUS borrower that has repaid or prepaid an insured, direct or guaranteed loan under the Rural Electrification Act
                        - Any not-for-profit utility that is eligible to receive an insured or direct loan under such Act 

### **How can businesses access these financial resources? **

Contact the Rural Development state office where the business is located.

## Interagency Community Investment Committee

In July 2022, the Interagency Community Investment Committee (ICIC) worked to help strategic resources flow into underserved communities across the country. They did this by better aligning federal community investment programs. 

For more information on the work of the ICIC, please view the 2023 Action Plan.