Areas Served: Beadle County
The purpose of the Intermediary Relending Program (IRP) is to encourage and promote economic development projects throughout Beadle County.
The goal of the IRP is to create and retain primary jobs.
Primary jobs are those that provide goods and services that will be primarily exported from the county, gain a market share from imports to the county, or meet a need in the area resulting in the creation of new wealth.
Primary jobs are derived from businesses that bring new income into the area, affect other businesses, or assist in the diversification and stabilization of its economy.
Program Guidelines – The IRP is administered by Greater Huron Development Corporation and can finance a portion of your total project coSt. – The following is a list of guidelines established to expedite the process of making full application: – A pre-application must be submitted and approved before an applicant will be invited to make full application to the program.
-A minimum of 10% owner’s equity in a project is required.
– The IRP may finance up to 25% of the total project amount.
– Participation of a private lender is required.
– Inventory, rolling stock, working capital, and agricultural production loans are not eligible.
– Loan terms for machinery and equipment shall not exceed the expected life, with a maximum of sever years.
There shall be a balloon payment at the end of five years.
– Loan terms for real estate shall have a maximum amortization period of 20 years, with a balloon payment due in five years.
– Fixed assets, equipment, leasehold improvements, construction and/or renovation improvements are eligible.
– There must be at least one new job created for every $35,000 lent.
Contact InformationGreater Huron Development Corporation
Address: 1705 Dakota Avenue South
City: Huron
State: South Dakota
Website:
http://www.huronsd.com/economic-development/loan-programs/irp
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