Earlier this month, USDA Rural Development-Puerto Rico held an Intermediary Relending Program Roundtable meeting for area stakeholders.
Our staff provided a brief overview of the program followed by a very dynamic question and answer session. The most significant issues discussed were the current barriers to access capital for small businesses and the need to complement their services offerings through common inter-organizational effort.
The main objective of the meeting was to gather all main Intermediary Relending organizations and share their current best practices and current lending challenges. The meeting also proved to be an excellent opportunity to make services networking, exchange organizational information and identify new funding opportunities. Read more »
Nebraska Northwest Development Corporation (NNDC) is located in Chadron, Nebraska and serves the three northwest Nebraska counties of Dawes, Sheridan and Sioux. NNDC approached USDA Rural Development in need of additional revolving loan funds as the previous Rural Business Enterprise Grant (RBEG) was unable to keep up with the need for loan funds in this area of the state.
Building on previous discussions between Rural Development and NNDC, it was clear the amount of funds needed to significantly impact local entrepreneurs would best be served through an Intermediary Relending Program (IRP) loan. An IRP application request in the amount of $250,000 was submitted to USDA and, following a national competition, was selected for funding. Read more »
USDA Rural Development and partners held a revolving loan fund stakeholder roundtable in Lincoln, Nebraska via videoconferencing at the Nebraska sites of Kearney, Chadron, Norfolk and Scottsbluff. Thirty-six stakeholders attended, learning about the various revolving loan fund programs that USDA Rural Development offers.
Partners who contributed to the roundtable included Executive Director Jen Wolf of Dawson Area Development, Business Loan Officer Craig Eberle of Southeast Nebraska Development District and Business Loan Specialists Jeff Christensen and Holly Quinn of Northeast Nebraska Economic Development District. Read more »
Last week, Molly Lambert, State Director of the Vermont Rural Development State Office, (RD) joined me in hosting the state’s first “Intermediary Relending Program and Creative Financing Roundtable.” Meeting participants, including leaders from Vermont’s economic and community development centers, met at the Vermont Economic Development Authority office located in Montpelier, Vermont.
The purpose of the meeting was to explore ways to promote the distribution of more than $5 million in funds to Vermont’s rural small business entrepreneurs using the U.S. Department of Agriculture’s (USDA) Intermediary Relending Program (IRP). These enthusiastic participants, who have keen insight into the state’s industries and barriers to capital, learned that working collaboratively will benefit all Vermont communities.
During the opening part of the meeting, staff from the Vermont USDA State Office gave the state’s Intermediary Relending providers updates on the administration of IRP loans. The session then moved to a discussion of trends, observations, and economic opportunities for the small businesses in their respective areas. Read more »
It was lights, camera and action as a videographer for the National Rural Economic Developers Association (NREDA) and National Rural Electric Cooperative Association (NRECA) traveled across eastern South Dakota. Hosted by the Rural Electric Economic Development, Inc. (REED) Fund, video interviews documented the businesses and partners that make REED’s revolving loan fund such a success.
A stop on the tour included Dakota Style, a home grown business located by Clark, SD. Dakota Style started making their own potato chips 25 years ago and has expanded into sunflower seeds and salad toppers. When progress led to a large national contract, they needed space for packaging equipment and storage for shipment. Read more »
Since 1997, Prairieland Economic Development Commission in Slayton, Minnesota, has been partnering with USDA Rural Development and local lenders to grow the economy and create jobs in southwestern Minnesota.
Prairieland has financed over 60 rural businesses and helped create hundreds of jobs using funds provided through four Intermediary Relending Program (IRP) awards from Rural Development. Prairieland’s main service area covers southwestern Minnesota and portions of northwest Iowa and eastern South Dakota.
John Padalino, the acting administrator of Rural Development’s business and cooperative programs, visited Worthington, Minn., on May 22 to see firsthand the impact Prairieland’s IRP investments are making in the community. Read more »