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SIDEZ Programs - Detailed Information Intermediary Relending Loan Program (IRP)
SIDEZ offers an Intermediary Relending Loan Program (IRP) to businesses located in the empowerment zone.
·IRP loans cannot be greater than 75% of the total project cost.
·The maximum loan amount is $ 150,000.
·Interest is fixed at 3.5 points below prime as stated in the Wall Street Journal on the day of approval from the Loan Review Committee. Interest will never fall below 4.5% or rise above 7%
·Eligible uses of an IRP loan include land and buildings, machinery and equipment, and working capital.
·Loans cannot be used for agricultural production, loan guarantees or refinancing. There is a $ 100 non-refundable application fee.
·The borrower must also pay closing fees of $ 500 and all loan closing costs including legal fees, filing of UCC forms, and any other direct costs associated with the loan.
Applications should be submitted to the SIDEZ office before the 20th of each month for consideration at the following month's board meeting.
Related PDF Files, Intermediary Relending Loan Program (IRP) Intermediarty Relending loan application
IRP.pdf
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For more information:
Please contact Donna Raynalds.
Phone: 618-745-6307
Email: djraynalds@sidezoffice.org
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