Oswego, NY, Feb 26, 2013 -- U.S. Department of Agriculture (USDA) Rural Development hosted a roundtable discussion and training session today with business stakeholders on funding opportunities available through the agency’s Intermediary Relending Program (IRP). Community banks, lending institutions, area development corporations, and other stakeholders gathered at Lake Ontario Conference Center to explore opportunities to increase economic activity and employment in rural New York.
“The purpose of the roundtable is to inform participants of a series of recent changes USDA Rural Development has made to the IRP program,” said Dave Schermerhorn, USDA RD NY Acting State Director. “We are encouraging intermediaries to develop stronger partnerships with commercial lenders.”
The IRP program helps to alleviate poverty and increase economic activity and employment in rural communities. Under the IRP program, loans are provided to local organizations (intermediaries) to establish revolving loan funds. The funds are used to assist with financing business and economic development activity to create or retain jobs in disadvantaged and remote communities. Over $5 million in IRP funds are available for qualifying rural New York businesses.
Intermediaries are encouraged to work in concert with State and regional strategies, and in partnership with other public and private organizations that can provide complimentary resources. For more information on the IRP program, please visit http://www.rurdev.usda.gov/NY.
Since 2010, USDA Rural Development has invested more than $195 million across New York in support of rural business. For example, Cortland Plastics International received a $50,000 IRP loan to expand their warehouse and production areas as well as purchase new state-of-the-art equipment. The project was estimated to have created almost 55 fulltime jobs within the last three years.
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 and strengthening 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 existing 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. For more information on USDA Rural Development programs, contact Rural Development’s state office at (315) 477-6400, or visit the Rural Development web site at http://www.rurdev.usda.gov/ny.