Loan Program
"Think Outside the Box for
Your Small Business Financing"
IRP – The Intermediary Relending Programs were established to promote and encourage projects that help to diversify the economic base of our eight-county District. By retaining, expanding and creating private sector employment opportunities, the SWTDD assists the District’s economic environment. The IRP program is funded through USDA Rural Development using federal funding. The SWTDD currently manages three (3) IRP programs. The IRP 1 program was funded for $1,845,000, the IRP 2 program was funded for $350,000, and the IRP 3 program funded for $750,000.
RLF – The Revolving Loan Fund is funded through the Economic Development Administration to develop a local business strategy that enables the community to invest in local manufacturing opportunities, encouraging the creation, retention, and expansion of local resources and jobs. The RLF program was funded for $750,000.
Additional Loan Program Information
Approved Loan Area: Chester, Decatur, Hardeman, Hardin, Haywood, Henderson, McNairy, and Madison Counties (outside of Jackson). Maximum Loan Amount: $150,000 or 75% of the total project cost, whichever is less.
- Eligible Purposes: Business Startup, Expansion and conversion costs, Real Property and Equipment Purchase and Working Capital.
- Ineligible Recipients: Agricultural Producers, Tourist, Recreation and Amusement Centers, Hotels, Motels and Convention Centers, Charitable and Educational Institutions, Community Antenna Television Services, and any Illegal Operation.
- Terms, Rates, and Fees: Negotiable terms with a maximum of 15 years on Real Property loans and no more than 7 years on equipment. Interest will not exceed the prime rate as quoted in the Wall Street Journal.
- 2% Origination fee on all closed loans. 1% Annual service Fee on outstanding loan balance.
- Job Creation: One fulltime job for each $30,000 loaned.
Business Plan To Include:
- Company History: Description & Goals
- Market Analysis
- Products & Services
- Manufacturing Process (if applicable)
- Marketing Strategy: Principal Customers & Suppliers
- Management Description: Resumes of Key personnel
- Financial Data: (3 years previous & 2 year projections with monthly cash flow analysis)
- Proposed Financing: Overall project financial breakdown Tax Returns of Applicant (s)- 2 years past Schedule of Business Debt Written Estimates from Contractors/Suppliers Construction requires Detailed Plans & Specifications( if applicable) Collateral Appraisals Commitment Letter (s) from Financing Partners ( Banks ) **Required Environmental Assessment (if needed)
For more inforomation contactl Teresa Sanders at (731) 668-6439 or tsanders@swtdd.org