Areas Served: Atkinson, Bacon, Ben Hill, Berrien, Brantley, Brooks, Charlton, Clinch, Coffee, Cook, Echols, Irwin, Lanier, Lowndes, Pierce, Tift, Turner, or Ware.
USDA Rural Development Intermediary Relending Program assistance is available through the SGRC as low interest loan funds designated to provide assistance to finance business facilities and community development projects in rural areas.
The funds must be used for community development projects, establishment of new businesses and/or the expansion of existing businesses, creation or retention of employment opportunities.
ELIGIBILITY Use of Loan Proceeds – Land & Building Acquisition – Machinery & equipment – Construction – Working capital – Renovation of existing structure – Professional fees Loan Amount Up to $150,000 total Rural Development exposure per borrower.
Rural Development funds may not exceed 75% of the total project coSt. Type of Business Eligible businesses include most operating-for-profit businesses except for hotels, motels, tourist homes, convention centers, or any other tourist or recreation center.
Ineligible businesses include: charitable and educational institutions, fraternal organizations, churches, and organizations affiliated or sponsored by churches; businesses producing agricultural products and media type businesses such as television and newspaper.
LOAN PROGRAM PROCEDURE Approval SGRC staff will request information from the borrower in order to complete the RLF application.
SGRC staff will then submit the application for SGRC Loan Board approval.
If the loan board makes the approval, SGRC staff will coordinate with the participating private lender to close the loan.
Servicing The type of participation from a private lender will determine the SGRC’s role in the loan servicing process.
Fee Payment An initial servicing fee of 1% is based on the Rural Development loan amount.
Fees may be deducted from the loan proceeds.
LOAN PROGRAM FEATURES Benefits SGRC prepares the majority of the paperwork for the business.
Businesses obtain loans which are not otherwise available.
Lower interest rates.
Lower Down Payments Interest Rate Interest rate on the SGRC’s portion of the loan is generally at or below market rate.
Interest is charged only on the unpaid balance of the principal and for the actual time used.
The bank sets the rate of interest on their portion of the loan.
The rate on the SGRC portion may be fixed or variable.
The interest rate on the loan is determined at the time of submission of the loan application.
LOAN PROGRAM REQUIREMENTS Cash Flow Borrower’s adjusted cash flow must be adequate to service the entire debt.
Credit History Borrower must have satisfactory history of meeting debt obligations in a timely manner.
Management Borrower must demonstrate to the SGRC that it has experienced and adequate management to operate the company successfully.
Location The project must be located within the eighteen Southern Georgia counties of USDA Rural Development Intermediary Relending Program assistance is available through the SGRC as low interest loan funds designated to provide assistance to finance business facilities and community development projects in rural areas.
The funds must be used for community development projects, establishment of new businesses and/or the expansion of existing businesses, creation or retention of employment opportunities.
ELIGIBILITY Use of Loan Proceeds Land & Building Acquisition Machinery & equipment Construction Working capital Renovation of existing structure Professional fees Loan Amount Up to $150,000 total Rural Development exposure per borrower.
Rural Development funds may not exceed 75% of the total project coSt. Type of Business Eligible businesses include most operating-for-profit businesses except for hotels, motels, tourist homes, convention centers, or any other tourist or recreation center.
Ineligible businesses include: charitable and educational institutions, fraternal organizations, churches, and organizations affiliated or sponsored by churches; businesses producing agricultural products and media type businesses such as television and newspaper.
LOAN PROGRAM PROCEDURE Approval SGRC staff will request information from the borrower in order to complete the RLF application.
SGRC staff will then submit the application for SGRC Loan Board approval.
If the loan board makes the approval, SGRC staff will coordinate with the participating private lender to close the loan.
Servicing The type of participation from a private lender will determine the SGRC’s role in the loan servicing process.
Fee Payment An initial servicing fee of 1% is based on the Rural Development loan amount.
Fees may be deducted from the loan proceeds.
LOAN PROGRAM FEATURES Benefits SGRC prepares the majority of the paperwork for the business.
Businesses obtain loans which are not otherwise available.
Lower interest rates.
Lower Down Payments Interest Rate Interest rate on the SGRC’s portion of the loan is generally at or below market rate.
Interest is cha
Contact InformationSouthern Georgia Regional Commission
Address: 327 West Savannah Ave
City: Valdosta
State: Georgia
Website:
http://www.sgrdc.com/LoansDept/rdrlfloan.htm
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