Intermediary Relending Program

 

 

 

man_carrying_box.jpg

 

Intermediary Relending Program

 

The Intermediary Relending Program (IRP) is designed to assist with financing and development in order to create or retain jobs in disadvantaged and remote communities. Some examples of business projects include:

  • Purchase and development of land

  • Construction, renovation or expansion of a business or business facility

  • Purchase of equipment

  • Hotels, motels and manufacturing

 

Here's some basic information about the IRP Business Loan Program.

 

Eligibility

 

Eligible borrowers include most for-profit businesses that are located in rural areas and that provide employment opportunities to community residents. Eligible borrowers include:

  • Businesses located inside a city with a population of 25,000 or less

  • Public agencies

  • Cooperatives with at least 51% rural membership

 

Loan Details

 

  • Loans are available in amounts up to $250,000, or 75% of the project costs (with a $250,000 maximum). The business owner is responsible for 25% of the project. For larger projects, another lender may be involved to provide additional debt.

  • The term of your loan depends upon the type of asset you're interested in financing. Terms are available up to 30 years.

  • Interest rates are determined by the WEII board and are based on loan risk. Typically, interest rates are fixed.

 

For more information on IRP and other business loan services, contact the White Earth Investment Initiatives Business Loan Department.

 

"In accordance with Federal law and U.S. Department of Agriculture policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age, or disability.  (Not all prohibited bases apply to all programs).

 

To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410,or call (800) 795-3272 (voice), or (202) 720-6382 (TDD)."