Intermediary Relending Program

Department Of Agriculture, Rural Business Cooperative Service

Establish revolving loan funds for the purpose of providing loans to ultimate recipients to promote community development, establish new businesses, establish and support microlending programs, and increase access to capital for start-ups and other small rural businesses and cooperatives in rural areas. Program performance is measured by the number of jobs created/saved and businesses assisted. The Agency tries to maintain a low default rate.

Jargon-free version

Helps small businesses in rural areas get loans for projects. Intermediaries can lend up to $250,000 to these businesses at a low interest rate.

Quick Facts

Funding
$8,999,999 - $10,000,000
Deadline
Rolling
Status
Rolling Intake
Category
Business Financing & Capital
Organization
Department Of Agriculture, Rural Business Cooperative Service

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What Is This Program?

This program is to provide loanable funds for small entities. An entity that receives an Intermediary Relending Program (IRP) loan from the Rural Business-Cooperative Service (RBS) is referred to as an intermediary. Intermediaries must relend all of the loan funds received from the IRP loan for business facilities or community development in rural areas. An entity that receives a loan from an intermediary is referred to as an ultimate recipient. The maximum loan to any one intermediary is $2 million. The maximum term is 30 years and the interest rate is one percent per annum. Intermediaries may not use IRP funds to finance more than 75 percent of the cost of an ultimate recipient's project or for a loan of more than $250,000 to one ultimate recipient. (No more than 25 percent of an IRP loan approved may be used for loans to ultimate recipients that exceed $150,000.).

What Benefits Are Offered?

loan

Provides 1 percent low-interest loans to eligible intermediaries (nonprofits, tribes, public agencies, cooperatives) for up to 30 years, who then re-lend to businesses and other entities in rural communities. The program aims to improve economic conditions and create jobs. Intermediaries can receive up to $1 million per loan, with total outstanding debt not exceeding $15 million. Ultimate recipients can borrow up to $400,000 or 50% of the intermediary loan (whichever is lesser) at an interest rate set by the intermediary.

Who Is Eligible?

Business Size: small, medium, large

Industries: community development, business services, agriculture, transportation, hospitality, education, environmental, real estate

Region: eligible rural areas (population fewer than 50,000 residents)

Demographics: US citizens or permanent residents (majority ownership/membership)

Other Criteria: Intermediary Lenders must be: Nonprofits, Cooperatives, Federally-recognized tribes, or Public agencies., Intermediary Lenders must have: legal authority to operate a Revolving Loan Fund (RLF), record of successfully assisting rural businesses and communities (including commercial loan experience), ability to provide adequate assurance of repayment, sufficient capitalization/equity, able to close the IRP loan within six months of approval, and a board consisting of business and civic leaders., Ultimate Recipients may be: individuals, public or private organizations, or other legal entities., Ultimate Recipients must be: unable to obtain affordable commercial financing for the project elsewhere, and have no legal or financial interest or influence in the work of the intermediary lender.

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How Do I Apply?

Lori.Pittman@usda.gov
202-720-1400

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FAQFrequently Asked Questions

This program is available to small, medium, large businesses in community development, business services, agriculture industries located in eligible rural areas (population fewer than 50,000 residents).

This program offers funding up to $10,000,000 (minimum $8,999,999).

This program accepts applications on a rolling basis.

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