Hilo, HI, Feb 26, 2013 -- USDA Rural Development is seeking applications for the Intermediary Relending Program (IRP). The IRP program provides direct loans up to $400,000 to intermediaries to establish revolving loan funds. IRP loans are made for a 30 year term, at one percent interest, with a three year principal deferral. Eligible intermediaries include private nonprofit corporations, public bodies, federally recognized Indian Tribal groups, and cooperatives.
"The IRP revolving loan program is a powerful vehicle that puts funds into the hands of local, grassroots organizations, who in turn are able to be much more targeted in providing access to capital to the community's most underserved business needs," stated Chris Kanazawa, USDA Rural Development State Director.
IRP loan funds become the intermediary's revolving loan fund and may be used to finance community development projects, the establishment of new business, expansion of existing businesses, creation of employment opportunities, or saving existing jobs. Ultimate recipient must be located in a rural area with a population of less than 25,000.
For more information regarding the IRP program visit USDA's website at http://www.rurdev.usda.gov/BCP_irp.html.
Applications are accepted year-round with quarterly deadlines of March 29, June 28, September 30, and December 31. Application information, including an application template and forms, are available by contacting Rural Development to discuss a proposed project.
- Shirley Heatherly, firstname.lastname@example.org or (808) 483-8600, ext. 118 for Oahu, Kauai; and American Samoa
- Denise Oda, email@example.com or (808) 933-8323 for Hawaii County (West); and Western Pacific
- Lori Nekoba, firstname.lastname@example.org or (808) 933-8312 for Maui County, and Hawaii County (East);
- Anthony Barcinas, email@example.com or (671) 472-8567 for Western Pacific
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.
USDA is an equal opportunity provider and employer. To file a complaint of discrimination, write: USDA, Office of the Assistant Secretary for Civil Rights, Office of Adjudication, 1400 Independence Ave., SW, Washington, DC 20250-9410 or call (866) 632-9992 (Toll-free Customer Service), (800) 877-8339 (Local or Federal relay), (866) 377-8642 (Relay voice users)