• Dec 14, 21
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

The Intermediary Relending Program (IRP) provides long-term, fixed rate financing for land, buildings, equipment and machinery, and permanent working capital for Oregon businesses in Baker, Union and Wallowa counties. Program Guidelines – Maximum loan is seventy- five percent (75%) of eligible project costs; – Individual loans may not exceed $150,000; – Refinance of existing debt is ineligible; – A minimum of one job must be created for every $25,000 of IRP investment; – The IRP may not supplant private bank financing; – The IRP can be used for permanent construction financing; – Interest rate normally 1% above prime depending on risk. Information Required for IRP Loans – A brief description of the business and its operations and services. Highlight your market, your customers and major competitors. – A description of the project to be developed including the assets to be purchased and their costs. – The number of full and part-time jobs that will be created as a result of this project. – Description of any affiliated corporation, partnerships or businesses in which a principal with 10% or more interest in the parent company also has a 10% or more interest in the affiliated company. – Three years of financial statements for the current business or corporation you are operating. This would include both a balance sheet and a profit and loss statement for each of these years. This requirement does not apply to business start-ups. – Cash flow projections for the business. Explain how this project impacts the projections in terms of new sales and profits. -Personal financial statements and federal tax returns for those principals who own 10% or more of the company. – Interim financial statements for the most current period. These statements should be no older than 30 days. – Complete the application form. Collateral and Security – Loans must be fully secured – Loans will normally be subordinated to other project financing. – An equity injection of at least 10 percent will be required. Contact Information Northeast Oregon Economic Development District Address: 101 NE First Street, Suite 100 City: Enterprise State: Oregon Website: https://www.neoedd.org/