Lincoln, Nebraska, Jul 25, 2011 -- USDA Rural Development Nebraska State Director Maxine Moul announced the award of $150,000 Intermediary Relending Program (IRP) loan funds to Sherman County Economic Development Corporation.
The Rural Development funds will aid Sherman County EDC in addressing the special financing needs of businesses in Sherman County through the establishment of a revolving loan fund that will provide low interest loans for business and community development. In addition to IRP funds, the borrower and a commercial lender will also contribute toward overall project financing.
“The intermediary relending program provides gap financing to partner with local commercial lenders. This assists rural businesses in accessing capital needed to start, expand, and grow their businesses,” said Moul. “The partnership with Sherman County is a great example of government, commercial lenders and entrepreneurs working together to bring jobs and wealth to rural Nebraska.”
Sherman County EDC has established a revolving loan fund plan and has committed 50 percent of the IRP funds to women owned businesses as an underrepresented group. Six businesses have expressed interest in receiving assistance from the IRP revolving loan fund for business expansion and/or development projects.
USDA Rural Development serves as the lead federal agency for rural development needs by offering financial and technical assistance to individuals, businesses and communities. USDA Rural Development programs include funding for day care centers, fire trucks and other community facility projects; the purchase, construction or repair of homes; loans and guarantees to rural businesses to save or create jobs and renewable energy; and loans and grants for water and sewer utility projects.
Contact USDA Rural Development
USDA Rural Development has seven offices across the state serving Nebraskans living in rural areas and communities. Office locations include a State Office in Lincoln, along with Area Offices in Ainsworth, Kearney, Lincoln, Norfolk, North Platte, and Scottsbluff.
Further information on this and other programs offered by USDA Rural Development is available by calling (402) 437-5551, by visiting www.rurdev.usda.gov/ne or at any local area office.