Areas Served: Atkinson, Bleckley, Clinch, Coffee, Dodge, Jeff Davis, Laurens, Montgomery, Telfair, Toombs, Treutlen, Wheeler and Wilcox
The USDA Intermediary Relending Program (IRP) is offered by the Small Business Assistance Corporation (SBAC) for businesses in Southeast Georgia (Atkinson, Bleckley, Clinch, Coffee, Dodge, Jeff Davis, Laurens, Montgomery, Telfair, Toombs, Treutlen, Wheeler and Wilcox).
USE OF PROCEEDS The funds can be used for: – Business acquisition – Business construction – Leasehold improvements – Working capital – Furniture and fixture – Purchase of inventory, supplies, machinery & equipment MAXIMUM AMOUNT The maximum loan is $150,000; funds must be blended.
RATES/TERMS The rate is set at PRIME + 2 APR with a floor of 6% Terms: Up to 7 years on non-fixed assets; Up to 15 years on fixed assets COLLATERAL Collateral (or security) will be determined on a case by case basis.
However, potential borrowers should know that the SBAC is legally bound by USDA to secure each loan with sufficient collateral.
If you purchase an asset, a first lien will be obtained.
In all loans the personal guarantees of the principal owners of the small business concern will be required.
PROJECT ELIGIBILITY Loans from the intermediary to the ultimate recipient using the IRP revolving fund must be for community development projects, the establishment of new businesses, expansion of existing businesses, creation of employment opportunities, or saving existing jobs.
Contact InformationSmall Business Assistance Corporation
Address: PO Box 10750
City: Savannah
State: Georgia
Website:
http://www.sbacsav.com/loan-programs/united-states-departmentof-agriculature-loan-programs/usda-intermediary-relending-program-irp
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