Lincoln, Nebraska, Jun 10, 2011 -- USDA Rural Development announces receipt of a state allocation of Intermediary Relending Program (IRP) funds for which applications are being accepted. Through the IRP program USDA Rural Development provides direct loans to intermediaries that establish revolving loan funds to be used by ultimate recipients for the acquisition of land and buildings, purchase of machinery and equipment, working capital and feasibility studies.
Applications submitted by close of business June 30, 2011 will be considered no later than July 15th for funding from the state allocation. Applications not selected for funding from the state allocation will be submitted to the Rural Development National Office for funding consideration.
Applications funded are selected based on a competitive scoring process.
Eligible applicants include Indian groups, private nonprofit corporations, public agencies, and cooperatives. 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
The maximum loan amount available is $750,000, for a 30 year term, at 1 percent interest, with a three year principal deferral; interest only payments required.
Application information including an application template and forms are available by contacting Rural Development to discuss a proposed project.
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
* Korey Young, firstname.lastname@example.org or 402-371-5350 extension 1002 – northeast counties
* Deborah Drbal, email@example.com or 402-437-5558 – southeast counties