12/22/2008 — Master site admin
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As you visit this site you will find pieces of information that you may want to add to a Custom Profile. To do that simply click the "add" link that is associated with that information. Once you are finished gathering data simply click "View Custom Report" and that will take you directly to your report. From there you can email, print or create a PDF of that report.
USDA Intermediary Relending Program (IRP)
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. An intermediary, like an EDC, may borrow up to $2 million under its first financing and up to $1 million at a time thereafter. Total aggregate debt is capped at $15 million. In recent years, loans to intermediaries have been capped at $750,000. Ultimate recipients may borrow up to $250,000. The following entities are generally eligible to apply for loans from intermediary lenders provided they owe no delinquent debt to the Federal Government: individual citizens or individuals who have been legally admitted to the U.S.; those located in a rural area defined as an area with a population of 25,000 or less, an entity that is able to incur debt, give security, and repay the loan; a corporation, partnership, LLC, individual, non-profit corporation or public body.
IRP funding may be used for a number of purposes but to be eligible, ultimate recipients must be located in a rural area. Under the IRP, a rural area is any area that is not inside a city with a population of 25,000 or more according to the latest decennial census. 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, and supplies; start up costs and working capital; pollution control and abatement; transportation services; feasibility studies; hotels, motels, B&Bs, and convention centers. Most parts of the Katy Area are eligible for USDA Business Programs. Contact Katy Area EDC for USDA eligibility maps.