"$2,000,000 Grant to Organizations In Small Towns Who Lend To Local Small "

Business Details: "Finances business facilities and community development projects in rural areas through loans made to ""intermediaries"". Intermediaries re-lend funds to ""ultimate recipients"" for the establishment of new businesses, the expansion of existing businesses, creation of employment opportunities, saving of existing jobs, or community development projects. Intermediaries may be private non-profit corporations, public agencies, Indian groups, or cooperatives; ultimate recipients may be public or private organizations or individuals. Applications should be mailed to the above address. For regulations and application instructions contact the IRP representative listed below. The maximum loan to any one intermediary is $2 million with interest rate of 1% per annum. Intermediaries must not use IRP funds to finance more than 75% of the cost of an ultimate recipient's project or for a loan of more than $150,000 to one ultimate recipient. At least 51% of the owners or members of both intermediaries and ultimate recipients must be U.S. citizens and should be unable to obtain the proposed loan elsewhere at reasonable rates and terms. All of the IRP loan funds received by an intermediary must be reloaned to ultimate recipients. Contact U.S. Department of Agriculture, Rural Business-Cooperative Service, 1400 Independence Ave., SW, Room 5050 South Building, Washington, DC 20250; 202-690-4730; {www.rurdev.usda.gov/}."

Grant URL: http://www.rurdev.usda.gov/

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