U.S. Agriculture Secretary Tom Vilsack announced recently that applications are being accepted from qualified nonprofit and public organizations that provide loans to support rural businesses and community development groups. Funding, which is intended to spark business expansion and create jobs, will be made available through USDA’s Intermediary Relending Program (IRP).
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 that might not otherwise be able to obtain such financing. The repayment of the loans allows the intermediary to continue to make more loans to new recipients, supporting sustainable economic development. The program has created or saved an estimated 20,000 jobs since 2009.
For more information about the Intermediary Relending Program, and to learn about application requirements and deadlines, contact the Illinois Rural Development State Office at 217-403-6200.