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Business Loan Program
Loan programs offered by WRPDD include:
EDA Revolving Loan Fund
WRPDD's Revolving Loan Fund, capitalized by the U. S. Department of Commerce Economic Development Administration, has been in operation since 1981. This program provides financing for business start-up or expansion which will result in the creation or retention of jobs. Jobs must be permanent and non-seasonal. Qualified applicants are eligible for loans of up to $200,000. Capital input of 15%-20% of the total project cost is required. Funds may be used for equipment, real estate, inventory and working capital. For more information Contact Us or call our Business Development Department at (870) 793-5233.
Rural Development Intermediary Relending Program (IRP)
The U. S. Department of Agriculture Rural Development has provided WRPDD with funds to re-lend to District cities, counties and businesses. Eligible IRP projects include community development projects and business start-up or expansion. Loan amounts are subject to available funding levels. Capital input of 25% of the total project cost is required. IRP funds may be used in combination with other sources to fund larger projects. For more information, Contact Us or call our Business Development Department at (870) 793-5233.
The following considerations apply to District loan programs:
- Loans must be repaid 100%. Businesses are not eligible for grants!
- Eligible items may include real estate, equipment, inventory and working capital.
- Eligible businesses range from retail to manufacturing to service industries. By regulation, agricultural loans are not eligible.
- Generally, WRPDD's loan terms are similar to local banks, with interest rates seldom varying more than 1/2% from the banks' current interest rates.
- The two loan funds may be utilized separately, in combination, or with local banks or other lending programs.
- All loan applications are reviewed by a loan committee, which has final decision-making authority.
- All loans require personal guarantee in addition to business collateral.
- Loan projects must be located within WRPDD’s ten county service area, which includes Cleburne, Futon, Independence, Izard, Jackson, Sharp, Stone, Van Buren, White and Woodruff Counties.
WRPDD is an equal opportunity lender.