Areas Served: Tennessee – Bledsoe, Bradley, Grundy, Hamilton, Marion, McMinn, Meigs, Polk, Rhea, and Sequatchie counties
The Intermediary Relending Program (IRP) loan provides fixed asset financing for any existing or proposed for-profit businesses located in the counties of Bledsoe, Bradley (outside city limts of Cleveland), Grundy, Hamilton (outside city limits of Chattanooga), Marion, McMinn, Meigs, Polk, Rhea, and Sequatchie Tennessee or Dade, Walker, Chattooga, Catoosa, Whitfield (outside the city limits of Dalton), Murray, Gordon, Fannin, Union, and Towns Georgia.
Use of Proceeds Funding provided by the IRP Rural Development loan is required to be used for fixed asset financing (land, land improvements, building construction, purchase of buildings, renovation of buildings, machinery or equipment).
Interest Rate The interest rate on IRP loans is fixed for the term of the loan.
Term of the Loan The term of an IRP Rural Development loan is up to fifteen years.
There are no prepayment penalties and the maximum loan amount of an IRP Rural Development loan is $150,000 and is limited to $15,000 per job created.
IRP Counties To be eligible for an IRP Rural Development loan, the business must be located in one of the following IRP counties.
Tennessee – Bledsoe, Bradley, Grundy, Hamilton, Marion, McMinn, Meigs, Polk, Rhea, and Sequatchie Georgia – Dade, Walker, Chattooga, Catoosa, Whitfield, Murray, Gordon, Fannin, Union, and Towns.
Contact InformationSoutheast Development Corp
Address: 535 Chestnut Street
City: Chattanooga
State: Tennessee
Website:
http://brightbridgegp.org/RuralDevelopment.html
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