Lincoln, Nebraska, Feb 10, 2014 -- 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.
Eligible Nebraska IRP Intermediaries have already received $6,524,000 which has grown to $11,516,000. More than 160 ultimate recipient businesses have received loans, creating or saving a total of 1,634 jobs.
IRP loans are made for a 30 year term, at 1% interest, with a three year principal deferral- interest only payments required on funds disbursed. Maximum loan amount per request is $1 million. The original USDA loan is paid off through the interest payments made by the ultimate recipients.
Loan funds from Rural Development become the applicant’s revolving loan fund. Dollars can be used by ultimate recipients for business acquisition, expansion, construction, startup costs/working capital, purchase, lease, development of real estate, machinery, equipment, supplies, and feasibility studies. IRP revolving loan fund ultimate recipients must be located in a rural area of less than 25,000 population.
Application deadlines for the IRP are quarterly, March 31, June 30, September 30 and December 31. Applications compete nationally and are selected based on a competitive scoring process. Native American congressionally mandated funds are available for projects where more than 75 percent of the benefits of the project will be received by members of a Federally Recognized Native American Tribe. Applications for Native American funds are accepted annually due April 30, 2014. Application information including an application template and forms are available by contacting Rural Development to discuss a proposed project.
For more information on this program or to discuss a proposed project, please contact one of the following Business Program Specialists:
For more information regarding the IRP program visit: http://www.rurdev.usda.gov/NEBusinessPrograms_Intermediary_Relending_Program.htm
Visit www.rurdev.usda.gov/ne for information on all of Rural Development’s programs.
For additional information on RD projects, please visit Rural Development’s new interactive web map featuring program funding and success stories for fiscal years 2009-2012. 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.
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)