Areas Served: Bledsoe Bradley (excluding Cleveland), Grundy, Hamilton (excluding Chattanooga), Marion, McMinn, Meigs, Polk, Rhea and Sequatchie Counties in Tennessee and Dade, Catoosa and Walker Counties in Georgia.
The IRP provides loans up to $150,000 to purchase equipment, real estate or other fixed assets (permanent working capital).
Loans are amortized on a monthly basis up to 15 years.
Interest rates are fixed for the life of the loan generally at or near the published Prime rate at the time of closing, but not less than 5 percent.
Requirements – Maximum IRP participation is 75 percent of the total eligible project coSt. IRP allows the borrower to partner with other lending programs.
– One new job must be created or retained for each $35,000 of IRP funds.
– Requires a $250 application fee by the borrower.
– Priorities are given to projects that hire individuals with low-to moderate income levels or farm-family employees.
– May require up to 10 percent equity injection by the owner.
– IRP loans are available in Bledsoe Bradley (excluding Cleveland), Grundy, Hamilton (excluding Chattanooga), Marion, McMinn, Meigs, Polk, Rhea and Sequatchie Counties in Tennessee and Dade, Catoosa and Walker Counties in Georgia.
Contact InformationSoutheast Tennessee Development District
Address: 1000 Riverfront Parkway
City: Chattanooga
State: Tennessee
Website:
http://www.sedev.org/www/docs/1022
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