Areas Served: Champaign, Douglas, Ford, Iroquois, Piatt, or Vermilion County, Illinois
The purpose of the Intermediary Relending Program (IRP) is to alleviate poverty and increase economic activity and employment in rural Illinois communities through financing targeted primarily towards smaller and emerging businesses, in partnership with other public and private resources.
Terms
¢ Minimum loan amount: $15,000.
¢ Maximum loan amount: $250,000.
¢ Minimum 25% non-IRP match requirement.
¢ 1% loan origination fee.
¢ Interest rate: US Prime Rate +/- 2% as published at the date of approval.
However, at no time can the rate be lower than 4%.
Loan Terms
¢ Working capital: 3-5 years
¢ Machinery & equipment: 7-10 years
¢ Real estate: 20 years
¢ Senior position preferred on identifiable assets Eligibility
¢ Must be located in a rural area (includes urban areas with less than 25,000 population) in Champaign, Douglas, Ford, Iroquois, Piatt, or Vermilion County.
¢ Loan recipient can be a business or local government.
¢ Must be a US citizen or reside in the US as a legal permanent resident.
¢ Must be unable to finance the proposed project from its own resources or through commercial credit or other Federal, State, or local programs at reasonable rates and terms.
Contact InformationRegional Planning Commission
Address: 1776 East Washington Street
City: Urbana
State: Illinois
Website:
http://www.ccrpc.org/economic/businessloans.php
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