Areas Served: Chester, Lancaster, Union, and York counties (excluding the City of Rock Hill)
The Intermediary Relending Program is a source of partial business financing for land, buildings, and working capital.
IRP funds from $50,000 to $250,000 are available to small businesses located in Chester, Lancaster, Union, and York counties (excluding the City of Rock Hill) in South Carolina.
These funds can be used in conjunction with bank financing to fund up to 75% of eligible project costs.
A below market interest rate and negotiable term can significantly lower overall debt service providing improved cash flow for the business.
The application process includes submitting projections, business financials, personal financial statements, and an outline of project costs.
Business Plans are required for start-up companies.
Cash flow, credit history, and collateral will be considered in the loan review process.
IRP funds combined with bank financing can be a powerful economic development tool.
These funds are available to new and expanding businesses for the purpose of stimulating development in rural areas and creating jobs.
Industrial, commercial, service, and retail companies are eligible for IRP funds.
These funds can be used for fixed assets and working capital.
In some instances, debt refinancing can be considered.
Owner equity injection is required.
General Guidelines: – Loan Amounts $50,000-$250,000 – Interest Rate Fixed – Term Negotiable – Maximum Loan Amount 75% of Project Costs – Origination Fee 1.5% – Legal Fees Varies – Prepayment Penalty $150 – Job Creation The goal of the IRP loan program is to create one job for every $25,000 of IRP funds loaned.
Uses For Loan Funds Land, Building Construction, Building Expansion, Machinery, Equipment, and Working Capital.
Contact InformationCatawba Regional Council of Governments
Address: 215 Hampton St,
City: Rock Hill
State: South Carolina
Website:
http://catawbacog.org/economic-development-lending/small-business-loans/intermediary-relending-program/
Leave a Reply