North Avenue Capital

About North Avenue Capital

North Avenue Capital (NAC) is a direct lender providing capital under the United States Department of Agriculture (USDA) loan program. NAC focuses on originating loans under the USDA Business & Industry (B & I), Renewable Energy for America (REAP), and Community Facilities programs. NAC’s concentration on USDA guaranteed loan programs enable it to lend to businesses located in rural locations and with an agricultural concentration. NAC will lend to most industries and sectors including, but not limited to hospitality, assisted living, agro-processing, healthcare, self-storage, c-stores, mining, transport, oil & gas, horticulture, tourism, family entertainment and more. NAC lends in all 50 States and Puerto Rico to businesses with commercial real estate located in a USDA eligible area.

North Avenue Capital is headquartered in Ponte Vedra, Florida, but has offices and staff nationwide. NAC was founded in 2014 and its team possesses a broad range of experience and expertise from a cross-section of professional backgrounds such as private equity, commercial and community banking, private and public commercial real estate, financial planning, hedge fund management, manufacturing, and engineering. NAC has funded over $110 million since its inception which has contributed to the creation or retention of over 1,200 jobs.

North Avenue Capital recently funded a $15 million USDA loan to a commercial nursery, landscaping, and site management company located in Maryland.

Loan Programs

NAC provides USDA loans from $1 million to $25 million under three distinct programs outlined below:

USDA Business & Industry (B & I) Program

This program is intended to improve the economic health of rural communities by increasing access to business capital through loan guarantees that enable commercial lenders to provide more affordable financing for businesses in eligible rural areas.  In addition to providing capital to eligible businesses, the program hopes to create jobs and increase the tax-base while still maintaining a focus on stewarding the environment.

USDA Renewable Energy for America Program (REAP)

This program provides guaranteed loan financing and grant funding to agricultural producers and rural small businesses to purchase or install renewable energy systems or make energy efficiency improvements. Funds can be used to purchase, install and/or construct energy-efficiency systems or to make energy-efficient improvements.

See how much financing you qualify for

USDA Community Facilities Program

This program provides loan guarantees to eligible private lenders to help build essential community facilities in rural areas. The USDA defines an “essential community facility” as a facility that provides an essential service to the local community for the orderly development of the community in a primarily rural area, and does not include private, commercial or business undertakings. Eligible projects might include healthcare, childcare, educational, and/or public facilities, along with community gardens, public safety services and other non-commercial operations.

USDA Loan Program Highlights / Guidelines

North Avenue Capital is a direct lender specializing in the USDA B & I, REAP and Community Facilities programs. NAC’s primary programs are guaranteed by the United States Department of Agriculture (USDA). NAC can provide funding to conforming and non-conforming borrowers who operate a business located in a USDA eligible area, and who own, or seek to purchase or construct commercial real estate.

Loan sizes from $1 million to $25 million

  • Loans are available to most industries including hospitality, assisted living, agro-processing, healthcare, self-storage, c-stores, mining, transport, oil & gas, horticulture, tourism, family entertainment, etc.
  • Most commercial real estate collateral is considered including land and special-purpose property
  • Proceeds may be used for real estate, furniture, fixtures, equipment, working capital, ground-up construction, business purchase, partnership buyout or debt refinance
  • No defined minimum credit score requirement
  • Loan-to-cost (LTC) generally up to 90%
  • Up to 30 year loan terms available
  • Quarterly adjustable interest rates from Prime + 1.25% to 2.75%
  • USDA fees equal to 3% of the guaranteed portion of the loan amount
  • Fully amortized loans with no balloons or call provisions
  • Programs are offered in all 50 states and Puerto Rico

The Loan Process

LendVer did not shadow the application or loan process for NAC but its website offers basic information about how to get started. Applicants are encouraged to contact NAC directly to start an application.

NAC begins the loan application process by engaging directly with the borrower to understand the merits of the transaction and the story behind the business. After an initial phone pre-screen is passed, NAC will send out its required due diligence checklist. When all the checklist items are received, NAC will initiate loan underwriting to determine if the loan application qualifies, and it will review various options to restructure the loan request if preliminary guidelines are not met. Once underwriting is completed, the loan application is submitted to NAC’s investment committee for review and approval. Should a loan application pass NAC’s committee review, it is then sent to the USDA for final approval. Upon USDA approval, NAC moves to the closing and funding stage of the loan.


  • NAC provides financing to businesses in rural areas that are usually overlooked by other lenders.
  • NAC can fund specialty industries such as oil & gas, agriculture, family entertainment, and mining.
  • Most commercial real estate is considered by NAC including land and special-purpose property.
  • Long-term loans up to 30 years are available starting at industry low rates of Prime + 1.25%.
  • Funds are available from $1 million to $25 million for a variety of purposes including ground-up construction, business purchases and working capital.


  • Businesses not located in a USDA approved area are ineligible for financing.
  • USDA loans require full income documentation, so those borrowers who cannot produce tax returns will be ineligible for financing.

See how much financing you qualify for

Why North Avenue Capital is the Best

North Avenue Capital has operated as a top USDA lender since 2014 and has funded over $110 million. NAC will finance businesses located in rural areas and that operate in unique industries as long as USDA guidelines are met. NAC offers loan sizes from $1 million to $25 million, providing capital to borrowers with a wide range of financing needs including ground-up construction, partner buyouts, business purchases, farm or agricultural needs, land loans and other non-conforming scenarios. NAC strives for excellence in all facets of its loan process, and to build long-term relationships with the businesses it serves.

Visit our featured business loan providers Idea Financial and South End Capital.

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