Areas Served: Ballard, Calloway, Carlisle, Fulton, Graves, Hickman, Marshall, and McCracken Counties
The purpose of the Intermediary Relending Program (IRP) is to finance Kentucky business facilities and community development projects in rural areas of Ballard, Calloway, Carlisle, Fulton, Graves, Hickman, Marshall, and McCracken Counties.
This is achieved through loans made by the Rural Business-Cooperative Service (RBS) to the PADD.
The PADD then re-lends the funds to the ultimate recipients for business facilities or community development.
Loans from intermediaries to ultimate recipients must be for the establishment of new businesses, the expansion of existing businesses, creation of employment opportunities, saving of existing jobs, or community development projects.
The maximum IRP loan is generally $150,000. Customer Types: Loans provided to the lumber industry, a funeral chapel, rail line services, tower and sign manufacturing, and other small businesses.
Use of Proceeds: Land, Building, and Equipment Payback Period: Up to 25 years Min. Loan Amount/Cost Per Job: $25,000/job created Max. Loan Amount: $150,000 or 25% of the Project Cost Interest Rate: Tied to Prime Rate Eligible Companies: Start-up or Expanding Service Area: Ballard, Calloway, Carlisle, Fulton, Graves, Hickman, Marshall, and McCracken
Contact InformationPurchase Area Development District
Address: 1002 Medical Drive
City: Mayfield
State: Kentucky
Website:
http://www.purchaseadd.org/Business_Lending/Lending_Programs.html
Leave a Reply