The U.S. Department of Agriculture (USDA) is now accepting applications from qualified non-profit and public organizations (intermediaries) to provide loans to support rural businesses and rural development groups. Funding, which is intended to spark business expansion and create jobs in rural communities will be made available through USDA’s Intermediary Relending Program.
http://www.rurdev.usda.gov/BCP_irp.html
The Intermediary Relending Program is USDA Rural Development’s primary program for capitalizing revolving loan funds. USDA lends money to economic development intermediaries (nonprofits and public bodies) who in turn re-lend the funds as commercial loans to rural businesses (ultimate recipients) that might not otherwise be able to obtain such financing. The repayment of the ultimate recipients’ loans allows the intermediary to continue to make more loans to new recipients, supporting sustainable economic development.
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 with state and regional representatives and in partnership with other public and private organizations that can provide complimentary resources.
Click here for more information about the Intermediary Relending Program.