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Intermediary Relending Program (IRP)
The Rural
Economic and Community Development (RD, formerly Farmers Home
Administration), Intermediary Relending Program (IRP) is for direct
loans of $150,000 or less with a 25% match from other source(s)
required. The program is designed to assist small businesses in the
more rural areas or communities of 25,000 population or less in
South Central Kansas and may be used primarily for land and
building; machinery and equipment; or inventory and working capital.
SCKEDD can make direct loans to qualified applicants.
Qualifications
- Maximum loan is $150,000; 25% match
required.
- Collateral must be a 1st or co-1st
position for SCKEDD.
- Financing for most business needs;
no refinancing.
- Turn-down necessary.
- Current fixed rate is 9%.
-
No job creation requirement, but to maximum extent possible,
encourages employment of low-income persons,
farm, and displaced families.
- Term determined by average project
life of: Land and building = 25 years; machinery and equipment =
7-10 years; inventory and working capital = 5-7 years.
- No penalty for prepayment.
- Total portfolio = $2 million.
- Eligible areas: All SCKEDD counties
except for the cities of Wichita and Hutchinson.
-
Davis-Bacon
does not apply.
Download the
loan application here.
For More Information
Contact:
Sandy
Ring, Program Manager
Email:
sandy@sckedd.org
316-262-7035
209
E. William, Ste 300
Wichita, Kansas
67202-4012 |
