Rural Development IRP Loan

We have several loan programs to fit almost any business need – but don’t worry about figuring out which program you need, we will do that for you.  Learn more below about what makes Dakota Business Lending a great choice as a small business financing partner for lenders and borrowers.

Rural Development IRP - Spurring development in rural areas

Why choose IRP: Borrowers in rural communities (population under 50,000) may benefit from a fixed-rate, 5-15-year loan up to $250,000 to finance a new or existing business, purchase equipment or real estate or use as working capital. Health-related IRP loans are also available, as Dakota Business Lending has established a partnership with Impact Foundation as well as the U.S. Department of Agriculture to offer the Intermediary Relending Program (IRP).

Loan amounts: Up to $250,000

Down payment: Minimum 10%

Eligible projects: IRP loan funds can be used for (but are not limited to) these purposes:

  • Finance a new or existing business.
  • Purchase machinery and equipment.
  • Finance the acquisition of real estate.
  • Provide working capital.

The proceeds cannot be used for certain kinds of projects:

  • Tourist, recreation or amusement centers.
  • Community television services or facilities.
  • Charitable and educational institutions, churches, or fraternal organization

Eligible businesses:

  • Any private business, non-profit entity, political subdivision, public body, special purpose district or authority serving rural areas with populations below 50,000 is eligible for these IRP funds.
  • Emphasis will be placed on loans to health and safety related organizations serving rural North Dakota.
  • Business is unable to obtain the proposed loan elsewhere at a reasonable rate.
  • 51% of the owners or members must be citizens of the U.S. or individuals admitted for residents.

Collateral and security: Personal guaranties required by all owners over 20% ownership; 1st lien or shared 1st lien position required on all collateral

Terms: 5 – 15 years; generally the term is 7 years or less.

Rate: Fixed rate at the time the application is reviewed, depending on risk and length.

Other Questions? 

Contact us to discuss project feasibility and details of this and other loan programs.