• Nov 19, 21
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

The Intermediary Relending Programs were established to promote and encourage projects that help to diversify the economic base of the eight-county Tennessee District of Chester, Decatur, Hardeman, Hardin, Haywood, Henderson, McNairy, and Madison Counties. By retaining, expanding and creating private sector employment opportunities, the SWTDD assists the District’s economic environment. The IRP program is funded through USDA Rural Development using federal funding. The SWTDD currently manages three (3) IRP programs. The IRP 1 program was funded for $1,845,000, the IRP 2 program was funded for $350,000, and the IRP 3 program funded for $750,000. RLF €“ The Revolving Loan Fund is funded through the Economic Development Administration to develop a local business strategy that enables the community to invest in local manufacturing opportunities, encouraging the creation, retention, and expansion of local resources and jobs. The RLF program was funded for $750,000. Additional Loan Program Information Approved Loan Area: Chester, Decatur, Hardeman, Hardin, Haywood, Henderson, McNairy, and Madison Counties (outside of Jackson). Maximum Loan Amount: $150,000 or 75% of the total project cost, whichever is less. Eligible Purposes: Business Startup, Expansion and conversion costs, Real Property and Equipment Purchase and Working Capital. Ineligible Recipients: Agricultural Producers, charitable organizations, golf courses, lending institutions, investment and insurance companies, television services, and any illegal operation. Terms, Rates, and Fees: Negotiable terms with a maximum of 15 years on Real Property loans and no more than 7 years on equipment. 2% Origination fee on all closed loans. 1% Annual service Fee on outstanding loan balance. Job Creation: One fulltime job for each $30,000 loaned. Contact Information Southwest Tennessee Development District Address: 27 Conrad Dr, Suite 150 City: Jackson State: Tennessee Website: https://www.swtdd.org/