• Feb 05, 22
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

The purpose of the USDA Intermediary Relending Program (IRP) program is to alleviate poverty and increase economic activity and employment in Mississippi County, Arkansas. Under the IRP program, loans are provided to local organizations (intermediaries) for the establishment of revolving loan funds. These revolving loan funds are used to assist with financing business and economic development activity to create or retain jobs in disadvantaged and remote communities. Intermediaries are encouraged to work in concert with State and regional strategies, and in partnership with other public and private organizations that can provide complimentary resources. Eligible Borrowers Individual citizens or individuals who have been legally admitted to the U. S. , Those located in a rural area defined as an area with a population of 25,000 or less, An entity that is able to incur debt, give security, and repay the loan, A corporation, partnership, LLC, individual, non-profit corporation or public body provided that they owe no delinquent debt to the Federal Government. Loan Purpose IRP funding may be used for a number of purposes but to be eligible, the ultimate recipients must be located in a rural area. Under the IRP, a rural area is any area that is not inside a city with a population of 25,000 or more according to the latest decennial census. Some examples of eligible projects are: – The acquisition, construction, conversion, enlargement, or repair of a business or business facility, particularly when jobs will be created or retained. – Purchase or development of land (easements, rights of way, buildings, facilities, leases, materials) – Purchase of machinery, equipment, leasehold improvements, supplies – Start-up costs and working capital – Pollution control and abatement – Transportation services – Loan Amounts Loan amounts are normally limited to a maximum of $150,000 per borrower. In certain situations, it may be increased to $250,000. Interest Rates are fixed and typically lower than conventional financing. Terms Fully amortizing over the life of the loan; no balloon or demand features. The term offered is based upon the use of the loan proceeds. Terms for asset categories are as follows: – Real Estate – up to 20 years – Machinery & Equipment – lesser of 15 years or the useful life of the asset – Working Capital – up to 7 years Contact Information Mississippi County Arkansas Economic Opportunity Commission Address: PO Box 1289 City: Blytheville State: Arkansas Website: https://www.mcaeoc.com/