Areas Served: Perry, Wayne, Hickman, Lewis, Lawrence, Maury, Giles, Marshall, Lincoln, Bedford, Moore, Coffee and Franklin Counties
The Rural Development/SCTDD Intermediary Relending Program (IRP) Loan Fund can provide competitive rate loans for economic development projects in the South Central Tennessee Development District (Perry, Wayne, Hickman, Lewis, Lawrence, Maury, Giles, Marshall, Lincoln, Bedford, Moore, Coffee and Franklin Counties).
These funds must be used in conjunction with other financing sources and can be used to fill the gap between the amount of financing required for a project and what is available from other sources (both equity and debt).
Projects located throughout the 13-county SCTDD area are eligible since there are no cities with a population of more than 50,000. Funding Source Rural Development – United States Department of Agriculture (formerly Farmers Home Administration).
Applicant Any business that proposes to create jobs and increase its capital investment in the community and can identify a financing gap in its project.
The unit of government – either city or county – in which the project is or will be located, must be supportive of the project.
Interest Rate Determined by risk, but usually will be comparable with commercial bank rates.
Terms Buildings – 10 to 15 years Machinery and Equipment – five to seven years Working Capital – three to five years
Contact InformationSouth Central Tennessee Development District
Address: 101 Sam Watkins Boulevard
City: Mt. Pleasant
State: Tennessee
Website:
http://www.sctdd.org/index.php?option=com_content&view=article&id=59&Itemid=75
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