Servicing small business owners in all 50 states, and a trusted resource for many HMA member companies, SBA and USDA lender, Live Oak Bank, is poised and eager to help the wood products industry meet financial needs during the COVID-19 pandemic via BICA, the USDA’s Business & Industry CARES Act Program.
BICA offers working capital loans to small and large businesses not eligible for USDA Farm Service Agency loans. Loan amounts range from $250,000 - $25 million and offer the following advantages:
- Loan finances up to one year of working capital which can include wages, utilities, taxes, insurance, rent and principal and interest on any non-affiliated debt
- Payments are deferred for one full year
- Principal can be deferred for up to two additional years
- Any remaining loan balance is paid over a ten-year term
- There is no business size standard, any size business can qualify
Live Oak Bank would like to discuss your project. Get started here.