Introducing three lenders with bridge loans to help with upfront, out-of-pocket costs. Training set for Sept 3.
The Heartland Regional Food Business Center is currently working with Round 1 Business Builder awardees to finalize grant agreements and get their projects started. [Note: Round 2 is canceled pursuant to USDA termination of funding]
One challenge for awardees is that they must pay upfront and out-of-pocket for approved expenses. The Business Builder Subaward is a reimbursement grant; it provides funding only after the awardee incurs expenses approved in project budgets.
To help cover these upfront costs, the Heartland Center has partnered with three lenders in the region that will offer “bridge loans” to Business Builder awardees.
Bridge loans provide help with grant cash flow challenges. They are short-term and rely primarily on the completed grant agreement for repayment assurance. The grant agreement is literally a contract with grant administrator University of Nebraska-Lincoln; it is a commitment to reimburse awardees for approved expenses.
Bridge Loan Training
The Heartland Center will host a Bridge Loan Training from 12:00 p.m. to 1:00 p.m. on Wednesday, September 3, 2025, for Business Builder awardees.
Each lender’s bridge loan is unique; terms and conditions vary. Yet each is designed to be relatively flexible and low cost to support Business Builder awardees.
Join the Bridge Loan Training to learn more about this financing option, look at bridge loan options side by side, and hear from the Heartland Center’s three partner lenders.
Bridge Loan Partners
The Heartland Center’s bridge loan partners are:
AltCap
AltCap is a Community Development Financial Institution (CDFI) based in Kansas City.
Alt Cap will offer a bridge loan to Business Builder awardees located anywhere in the Heartland Center region.
AltCap’s bridge microloan for Business Builder awardees is up to $50,000. It is interest free for six months. Fees are 5% of the loan amount and $15 per month for servicing. Turnaround time is maximum 10 days after the loan application is complete.
Download this overview to see AltCap bridge loan terms and conditions: AltCap Bridge Microloan.
Or contact Business Financing Specialist Zach Surgeon at 833-549-2890 or zsurgeon@altcap.org.
Center for Rural Affairs
The Center for Rural Affairs (CFRA) is a Heartland Center technical assistance partner and a CDFI based in rural Nebraska. CFRA will also offer a bridge loan to Business Builder awardees located anywhere in the Heartland Center region.
CFRA’s bridge loan amount is from $1,000 to $50,000. The interest rate is fixed at 7.75%. Fees are set at 1% of the loan amount. Payments are interest only for nine months. Expected turnaround time is five to eight days after the loan application is complete.
Download this overview to see CFRA bridge loan terms and conditions: CFRA Business Builder Grant Loan.
Or contact CFRA Lending Services Director Kim Preston at kimp@cfra.org or 402.687.2100.
Arvest Bank
Arvest Bank serves Arkansas and portions of Kansas, Missouri and Oklahoma.
Arvest Bank offers a reimbursement grant bridge loan, or “gap financing,” that is a 12-month line of credit up to $50,000. Payments are interest only until paid in full with grant reimbursement. The interest rate is fixed at Wall St. Journal prime plus 1%. Fees total $280. Borrowers participate in a financial education program.
Download this overview to see Arvest Bank gap financing terms and conditions: Arvest Gap Financing.
Or contact Cheryl Thompson, Business Banking Manager at gkc_businessbanking_dg@arvest.com or 913-953-4289.
Learn More
The Heartland Center will host a Bridge Loan Training from 12:00 p.m. to 1:00 p.m. on Wednesday, September 3, 2025, for Business Builder awardees.
Please REGISTER for the Bridge Loan Training.
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