Jackson Growth Alliance
News Release
February 9, 2011
A low interest loan program for Jackson County businesses is being offered through Jackson Growth Alliance. For the first time, Jackson County businesses have access to the USDA Rural Development’s Intermediary Relending Program (IRP) designed to assist new and existing businesses in rural areas.
Jackson Growth Alliance has partnered with the Southern Illinois Coal Belt Champion Community Corporation (SICBCC) to expand the Rural Development loan program into Jackson County. Through this partnership, over $1 million in loan funds are now available to Jackson County businesses.
The IRP program offers loans to qualified businesses with a maximum of $150,000 and a maximum of 75% of the project cost. The interest rate is 5% and the term varies depending upon the activity financed, with the maximum being 15 years. All loans will be fully secured with traditional forms of collateral.
Eligible uses of the IRP loan proceeds include real estate acquisition, construction, machinery and equipment, working capital and inventory. Businesses participating in the program will be required to demonstrate their ability to create or retain one full time equivalent employee per $15,000 of loan funds within the first two years of the loan.
"The Rural Development loan program has been a missing economic development tool in Jackson County," said Jeff Doherty, Executive Director of Jackson Growth Alliance. "Jackson County businesses now have the opportunity to benefit from the low interest loan program to help their businesses grow."
Parties interested in learning more about the Rural Development IRP Loan Program may contact Jeff Doherty, Executive Director, Jackson Growth Alliance at 618-713-9210 or jdoherty@jacksonbiz.org.
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