Areas Served: Statewide Minnesota in a USDA designated rural area (population less than 25,000
The IRP (Intermediary Re-lending Program) is a loan to Prairieland EDC from USDA Rural Development.
Prairieland EDC, in turn, loans the funds to eligible small businesses for financing fixed assets or working capital.
The goals of the IRP include these objectives: – Create and retain jobs for the citizens of the area – Provide rural business with a source of capital not readily available in the rural area – Generate tax revenue for the cities and counties of the region Loan Amount: $5,000 – $250,000 Terms: Up to 15 years (fixed interest rate) Eligibility – For profit business – Must be located in a USDA designated rural area (population less than 25,000) – Proceeds can be used for real estate acquisition and/or construction, purchase of machinery and equipment, and working capital – Must have private sector lender commitment of up to 50% of the project – Must have sufficient collateral
Contact InformationPrairieland Economic Development Corporation
Address: 1 Prairie Drive
City: Slayton
State: Minnesota
Website:
http://www.prairielandedc.com/Services/USDAIRP.htm
Leave a Reply