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 SBA Certified Development Company that has been selected to administer the USDA Intermediary Relending Program in 13 counties in Southeast Georgia.

USE OF PROCEEDS

The funds can be used for:

• business acquisition
• business construction
• leasehold improvements
• working capital
• furniture and fixture and
• 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
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 businesses must be located in a city located in the eligible 13 counties with a population of 25,000 or less.

 

Businesses located in Atkinson, Bleckley, Clinch, Coffee, Dodge, Jeff Davis, Laurens, Montgomery, Telfair, Toombs, Treutlen, Wheeler and Wilcox Counties are eligible.