USDA Seeks Applications to Promote Job CreationApril 25, 2013, 2:28 PM HST (Updated April 25, 2013, 5:24 PM) · 0 Comments
The US Department of Agriculture Rural Development program is accepting applications from qualified non-profit and public organizations known as intermediaries to provide loans to support rural businesses and community development groups.
Chris J. Kanazawa, state director of the program, said the funding is intended to spark business expansion and create jobs through ‘s Intermediary Relending Program.
“The IRP revolving loan program is a powerful vehicle that puts funds into the hands of local, grassroots organizations, who in turn, are able target small, under-served businesses with capital they might not otherwise be able to access through a conventional financial institution,” Kanazawa said in a released statement.
The Intermediary Relending Program is USDA Rural Development’s primary program for capitalizing revolving loan funds.
USDA lends money to economic development intermediaries, such as nonprofits and public entities, who in turn re-lend the funds as commercial loans to rural businesses that might not otherwise be able to obtain such financing.
Repayment of the loans allows the intermediary to continue to make more loans to new recipients, supporting sustainable economic development.
The USDA is continuing the program despite the budget uncertainty created by sequestration mandated under the Budget Control Act.
The Rural Development program has an active portfolio of more than $172 billion in loans and loan guarantees, which are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers.
The deadline to submit an application for fiscal year 2013 funds is June 28.
For more information about the Intermediary Relending Program visit http://www.rurdev.usda.gov/BCP_irp.html or call the Rural Development state office in Hilo at (808) 933-8380.
Applications and forms may also be obtained from the Rural Development Hilo office located in the federal building at 154 Waianuenue Ave., Suite 311. The office is open from 7:30 a.m. to 4:30 p.m., Monday through Friday.