Lincoln, Nebraska, Feb 10, 2011 -- USDA Rural Development (RD) is seeking applications for the Intermediary Relending Program (IRP). Through the IRP program USDA Rural Development provides direct loans to establish revolving loan funds. Eligible applicants include Indian groups, private nonprofit corporations, public agencies, and cooperatives.
Maximum loan amount available is $750,000, for a 30 year term, at 1% interest, with a three year principal deferral- interest only payments required. Loan funds from Rural Development become the applicant’s revolving loan fund dollars to be used by ultimate recipients for the acquisition of land and buildings, purchase of machinery and equipment, working capital and feasibility studies. IRP revolving loan fund ultimate recipients must be located in a rural area of less than 25,000 population. For more information regarding the IRP program visit: http://www.rurdev.usda.gov/BCP_irp.html
Second quarter application deadline for the IRP is March 31. Applications compete nationally and are selected based on a competitive scoring process. Application information including an application template and forms are available by contacting Rural Development to discuss a proposed project.
In Fiscal Year ’10 one IRP loan in the amount of $750,000 was awarded to Nebraska.
For more information on this program or to discuss a proposed project, please contact one of the following Business Program Specialists:
* Marla Marx, firstname.lastname@example.org or 308-632-2195 extension 1132 – panhandle and southwest counties
* Kelley Messenger, email@example.com or 308-237-3118 extension 1120 – north and south central counties
* Jenny Nelson, firstname.lastname@example.org or 402-423-9683 extension 124 – southeast counties
* Korey Young, email@example.com or 402-371-5350 extension 102 – northeast counties
Through its Rural Development mission area, USDA administers and manages more than 40 housing, business and community infrastructure and facility programs through a network of 6,100 employees located in the nation’s capital and 500 state and local offices. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America. Rural Development has an existing portfolio of more than $142 billion in loans and loan guarantees.