The purpose of the Intermediary Relending Program (IRP) through the USDA is to finance business facilities and community development projects in rural areas (see “Service Area” for definition). The funds must be used for community development projects, establishing new businesses and/or expanding existing businesses, creating employment opportunities and/or retaining existing jobs.
IRP Counties: Appling, Evans, Bacon, Bulloch, Glynn, Bryan, Liberty (excluding city of Hinesville), Brantley, Long, McIntosh, Camden, Pierce, Candler, Tattnall, Charlton, Ware, Effingham, Wayne, Emmanuel
(Note: The business may not be located within the inner boundary of any city having a population of 25,000 or more)
Loan Structure (typical)
(The bank and CADDA have a shared 1st lien on the collateral)
Maximum/Minimum Loan Amount
The maximum loan amount is $250,000 (IRP portion).
The interest rate for the loan is determined CADDA.
The term/amortization is determined by the useful life of the assets. One loan may be provided for all project assets using a “weighted average life”.
Eligible Uses of Proceeds
Ineligible Uses of Proceeds
Types of Eligible Businesses
• Owner must be a legal, U.S. resident
CADDA may charge a loan packaging fee of one and one half (1-½%) of the IRP amount which is due at or before closing. This fee is a cost to the borrower and may be included in the loan amount.
Whether you’re searching for a $10,000 equipment loan or want financing for a $2 million building purchase, there is a good chance we have the right loan product for you.
CADDA has a reputation for providing the best service of any CDC in the Coastal Area. We’re committed to constant improvement. We look forward to hearing from you.