The purpose of the IRP program is to alleviate poverty and increase economic activity and employment in rural communities. 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 Recipients:
Private non-profit corporations, public agencies, Indian groups, and cooperatives with at least 51 percent rural membership aimed at increasing income for producer members or purchasing power for consumer members may apply for intermediary lender status.
Eligible Projects:
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.
- The purchase or development of land (easements, rights of way, buildings, facilities, leases, materials).
- To purchase equipment, leasehold improvements, machinery, supplies, start-up costs and working capital, pollution control and abatement, transportation services, feasibility studies, hotels, motels, B&Bs, and convention centers.
Funding Source:
USDA Rural Development
Funding Amount:
Varies; $250,000 to $15 million
Deadline:
Recurring
Contact:
USDA Rural Development State Office
441 South Salina St.
Suite 357
Syracuse, NY 13202
315-477-6400
Fax: 315-477-6438
More Information:
http://www.rd.usda.gov/programs-services/intermediary-relending-program