Lincoln, Nebraska, Feb 11, 2013 -- 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.
IRP loans are made for a 30 year term, at 1% interest, with a three year principal deferral. Interest only payments required during the first three years on funds disbursed. Maximum loan amount per request is $400,000. 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
Applications are accepted anytime with quarterly deadlines of March 29, June 28, September 30 and December 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 ’12 one IRP loan was awarded to a Nebraska Intermediary, $223,000 to Southeast Nebraska Development District.
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
* * Bill Sheppard, firstname.lastname@example.org or 402-371-5350 extension 1004 – northeast and southeast counties
For additional information on RD projects, please visit Rural Development’s new interactive web map featuring program funding and success stories for fiscal years 2009-2011. The data can be found at: http://www.rurdev.usda.gov/RDSuccessStories.html.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Tom Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA, through its Rural Development mission area, has an active portfolio of more than $176 billion in loans and loan guarantees. 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.