Sep 20, 2019
Michelle chats with Thomas Kimsey, president & CEO of Thomas USAF Group, LLC. Kimsey manages and oversees more than $100 million in loan origination and underwriting annually. Big bank lenders often do not play in the rural space, Kimsey notes, so this is where the USDA Rural Development Loan Program, and its Community Facility Program, come in, through its direct and guaranteed loans. Last year, this program loaned almost $3 billion to provide and rebuild rural infrastructure. Thomas USAF has participated in many Community Facility projects, such as medical offices at a rural hospital in Nevada and a 10-bed geri-psych facility in rural Georgia. Were it not for the Community Facility Program, this funding might not have been readily available, according to Kimsey. The Community Facility Program also can assist in efforts surrounding public safety and municipal buildings. These projects often originate through state rural development offices, he notes, with a pre-application to USDA, which would include what nonprofit is participating in the project. Finally, Kimsey notes, USDA also can assist in debt refinancing. This episode was sponsored by Thomas USAF, which on December 4 is sponsoring the 20th Annual National Rural Lenders Roundtable in Washington, D.C, www.nrlrt.com; by Rural Assembly, ruralassembly.org; and by FTW Robotics, www.ftw-robotics.com.