- Matthew Harris,
- Business Program Specialist
- USDA Rural Development
- 2118 W. Park Court, Suite A,
- Champaign, IL 61821
- Phone: (217) 403-6211:
- Email: Matthew.harris@usda.gov
- Website Link:
Purpose of the Program
Through the Intermediary Relending Program, USDA Rural Development provides direct loans to intermediaries to establish low-interest revolving loan programs for rural businesses and community development projects.
Who is Eligible
Nonprofit corporations, cooperatives with at least 51% rural membership, and public agencies can apply for funding. They must have recent experience in loan making and servicing of loans for similar purposes and sufficient assets to ensure repayment.
Application Process
Applications will be accepted year round. Guidelines are available at http://www.rurdev.usda.gov/BCP_irp.html. Loans are made to eligible intermediaries at 1 interest for up to 30 years to fund their revolving loan programs.
Availability of Funds
The maximum loan request that the intermediary may borrow is $400,000. An ultimate recipient generally may borrow up to $150,000 or 75 percent of the total project cost.
Types of Assistance
Loans
Year Program was established
1989