United States Department of Agriculture Intermediary Relending Program (IRP)

The following general information is provided to give a better understanding of the USDA Intermediary Relending Program. This information is general and each loan application is reviewed individually by the Small Business Assistance Corporation (SBAC). SBAC is a USDA Intermediary that has been selected to administer the IRP in 13 counties in Southeast Georgia (Atkinson, Bleckley, Clinch, Coffee, Dodge, Jeff Davis, Laurens, Montgomery, Telfair, Toombs, Treutlen, Wheeler and Wilcox).

USE OF PROCEEDS

The funds can be used for:

  • Business acquisition
  • Business construction
  • Leasehold improvements
  • Working capital
  • Furniture and fixture
  • Purchase of inventory, supplies, machinery & equipment

MAXIMUM AMOUNT

  • The maximum loan is $150,000; funds must be blended.

RATES/TERMS

  • The rate is set at PRIME + 2 APR with a floor of 6%
  • Terms: Up to 7 years on non-fixed assets; Up to 15 years on fixed assets

COLLATERAL

Collateral (or security) will be determined on a case by case basis. However, potential borrowers should know that the SBAC is legally bound by USDA to secure each loan with sufficient collateral. If you purchase an asset, a first lien will be obtained. In all loans the personal guarantees of the principal owners of the small business concern will be required.

PROJECT ELIGIBILITY

Loans from the intermediary to the ultimate recipient using the IRP revolving fund must be for community development projects, the establishment of new businesses, expansion of existing businesses, creation of employment opportunities, or saving existing jobs.

  • The business must be located in one of the 13 eligible counties: Atkinson, Bleckley, Clinch, Coffee, Dodge, Jeff Davis, Laurens, Montgomery, Telfair, Toombs, Treutlen, Wheeler and Wilcox counties.

HOW TO APPLY

Obtain a loan application:

  1. Apply Online
  2. Download the Application (PDF format) and return completed form by fax to (912) 232-0385
  3. Contact the SBAC by Phone at (912) 232-4700
  4. Visit the SBAC Office: 111 E. Liberty Street, Suite 100 – Savannah, GA 31401