The Business Loan Division of MMCDC, in cooperation with banks, offers the Intermediary Relending Program (IRP) to eligible businesses in rural Midwest Minnesota*. This program is designed to assist with financing and development in order to create or retain jobs in disadvantaged and remote communities. Some examples of business projects include: Purchase and development of commercial real estate Acquisition, renovation or expansion of a business or business facility Purchase of equipment

 

Here's some basic information about the IRP Business Loan Program.

Eligibility

Eligible borrowers include most for-profit businesses that are located in rural areas and provide employment opportunities to community residents. Eligible borrowers include:

• Businesses located in areas with a population of 25,000 or less
• Public agencies
• Cooperatives with at least 51% rural membership

Loan Details

• Loans are available in amounts up to $250,000 or 75% of the project costs (with a $250,000 maximum). For larger projects, another lender may be involved to provide additional debt.
• The Term of your loan depends upon the type of asset you're interested in financing. Equipment loan terms range from 3-10 years. Real estate loan terms range from 15-25 years. Loan terms of up to 30 years are available if special circumstances exist.
• Interest Rates are determined by the MMCDC Board and are based on loan risk. Typically interest rates are fixed.

For more information on IRP and other business assistance, contact MMCDC's Business Loan Division.

MMCDC is an equal opportunity lender with the USDA Division of Rural Development's IRP.