Intermediary Relending Program Print Share
Intermediary Relending ProgramThe purpose of the IRP program is to finance economic growth and business development in rural areas by making loans available of up to $150,000 to business facilities and community development projects. This objective is carried out by the U.S. Department of Agriculture's Rural Economic and Community Development (RECD) service through loans to intermediary lenders, who in turn make loans to ultimate recipients. Loans from intermediaries to ultimate recipients must be used to develop new businesses, expand existing businesses, create employment opportunities for low-income persons or families, save existing jobs, or promote community development projects. There is no initial application fee and the interest rate charged to ultimate recipients is established through negotiations between the intermediary and the ultimate recipient. Loans are not to be extended beyond a period of 30 years. U.S. Department of Agriculture |