Lincoln, Nebraska, Mar 07, 2012 -- USDA Rural Development announces receipt of a Nebraska state allocation of $152,000 in Intermediary Relending Program (IRP) funds. Applications submitted by close of business April 30, 2012 will be considered no later than June 15 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. National Office funding consideration deadlines are June 29 and September 29.
Through the IRP program USDA Rural Development provides direct loans to establish revolving loan funds. Eligible applicants include Native American groups, private nonprofit corporations, public agencies, and cooperatives.
The maximum loan amount available is $400,000, for a 30 year term, at one percent interest, with a three year principal deferral, so interest only payments required. Loan funds from Rural Development become the applicant’s revolving loan funds. The dollars are 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
Applications funded are selected based on a competitive scoring process. Application information, including an application work plan template, scoring guidelines, sample revolving loan fund plan and forms, are available by contacting Rural Development staff to discuss a proposed project.
In Fiscal Year 2011 two IRP loans in the amount of $900,000 were awarded in Nebraska.
For more information on this program or to discuss a proposed project, please contact one of the following Business Program Specialists:
* Marla Marx, email@example.com or 308-632-2195 extension 1132 – Panhandle including northwest and southwest counties
* Kelley Messenger, firstname.lastname@example.org or 308-237-3118 extension 1120 – north and south central counties
* Korey Young, email@example.com or 402-371-5350 extension 102 – northeast and southeast counties
*Deborah Drbal firstname.lastname@example.org or 402-437-5558 – statewide, all counties