USDA Intermediary Relending Program (IRP)
Category: Federal
The purpose of program is to alleviate poverty and increase economic activity and employment in rural communities. Under the program, loans are provided to (intermediaries) like Katy Area EDC 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. An EDC may borrow up to $750,000. Ultimate recipients may borrow up to $250,000. Eligible projects include acquisition, construction, conversion, enlargement, or repair of a business or business facility, land equipment, leasehold improvements, machinery, and supplies; start up costs and working capital; pollution control and abatement. Some areas west and south of the City of Katy in Fort Bend and Waller County are eligible for this funding. LEARN MORE