Earlier this month, USDA Rural Development staff, Intermediary Relending providers and partners held a Rural Job Maker Initiative Roundtable at the Rural Development State Office in Raleigh, North Carolina.
During the morning session, the Intermediary Relending providers received program updates from National Office Specialty Lending staff. In the afternoon session, the Intermediary Relending providers were joined by a group of twelve business and community stakeholders. The roundtable discussion focused on the IRP initiative, which is to increase the ultimate recipient loans utilizing the $16 million available within the fund balances of the revolving loan fund portfolios in a fiscally responsible manner. The goal is a 25 percent reduction in the intermediary cash balances by the end of the fiscal year.
The roundtable discussion facilitated by Bruce Pleasant, Business & Cooperative Programs director provided enthusiastic information exchange among the intermediaries and community stakeholders about collaboration opportunities available for small businesses and economic development.
One intermediary commented, “there is high demand for lending opportunities in western NC and they are open to participation and co-lending ……limited funds is the problem for them”.
USDA Rural Development State Director Randy Gore delivered the closing remarks at the roundtable. He emphasized USDA’s 25 percent goal to reduce cash balances by increasing ultimate recipient loans.
North Carolina Rural Development has 14 intermediaries that have assisted 800 businesses.
USDA Rural Development offers five revolving loan programs. The Rural Business Enterprise Grant Program (RBEG), Intermediary Relending Program (IRP), Rural Microentrepreneur Assistance Program (RMAP), Rural Economic Development Loan and Grant (REDLG) and Rural Economic Development Grant (REDG) programs.
For additional information about those or other business development programs click here.