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Raising Capital with Our Revolving Loan
The U.S. Department of Agriculture and the Economic Development Partnership of Hillsdale County, Michigan are making available the following Intermediary Relending Loan fund for county businesses to address their special financing needs.
The USDA’s Office of Rural Development loans money to the EDP, which then re-lends it to small businesses in designated enterprise communities in Hillsdale County.
In addition to IRP funds, the borrower and a commercial lender also contribute toward overall project financing. It is not the intent of this EDP to compete with local lending institutions; rather it is the intent of the program to stimulate private investments and complement local lenders for the creation of jobs and wealth in Hillsdale County.
Eligible uses of funding
• Purchase and develop land and facilities
• Construct new buildings
• Renovate existing buildings
• Industrial/Commercial Development
• Small Business Expansion
• Small Business Start-Up
• Business Incubators
• Medical Facilities
• Acquisition or construction of commercial and industrial buildings and structures
• Purchase of capitalized machinery and equipment with a useful life of at least five years
• Acquisition of real property for economic development purposes only
• Rehabilitation of deteriorating retail and commercial buildings occupied by the borrower. This does not include annual or regular maintenance, optional redecorating, and other changes to the building which are only for decorative or marketing purposes.
Ineligible Uses of Funds
• Operating expenses and administration of applicant(s) Tax Liens
• Illegal activity
• Agricultural production (non collateral items i.e.: seed, fertilizer...)
• Transfer of ownership unless it keeps the business from closing or provides expanded job opportunities
• Community antenna television services or facilities
• Golf courses, race tracks, gambling
• Speculative investment companies
• Real estate investment companies
• Lending institutions
• Refinancing or consolidating existing debt
Reimbursement for expenditures prior to loan approval
“This institution is an equal opportunity provider, and employer”