- Initial funding of the USDA Rural Development Intermediary Relending program is $460,000.
- Eligible uses: working capital, product line expansion, market diversification, inventory receivables financing, and machinery and equipment financing.
- Not Intended For: Charitable institutions, government,agricultural production(ag. processing is OK) lending & investment institutions, golf courses, race tracks or gambling facilities.
- Companies located in the 10 county region.
- Funding range: up to $100,000
- Terms:Machinery & Equipment: up to 7 years
- Terms:Working Capital: up to 5 years
- Interest Rate: Depends on risk
- Closing Fee $250.00 or 1% of loan amount, whichever is greater.
- Meet with USDA Representative for project approval.
- Loan review committee makes the final recommendation. (Meets on an as needed basis)
- Sufficient pledge of collateral or personal guarantee will be required.
- Semi-annual site visits to monitor borrower’s accomplishments.
- Project must retain or create jobs in the region.
For Details, Contact
Formerly the Traverse Bay Economic Development Corporation and Chamber Foundation