The Brownwood Industrial Foundation Inc. helps businesses establish or expand in the Brownwood Area. Their two primary services are to provide low interest business loans, made through the USDA-Rural Development IRP Program, and to sell or lease their available property to businesses that create jobs.
The IRP Loan Program
The purpose of the IRP Program is to increase economic activity and employment in rural communities. Under the IRP program, loans are provided to the Brownwood Industrial Foundation for the establishment of revolving loan funds. These revolving loan funds are used to assist with financing business and economic development activity to create or retain jobs in rural communities.
The following entities may apply for loans from the IRP program provided they owe no delinquent debt to the Federal Government:
- U.S. citizens or individuals who have been legally admitted to the U.S.
- Those located in a rural area defined as an area with a population of 25,000 or less
- An entity that is able to incur debt, give security, and repay the loan.
- A corporation, partnership, LLC, individual, non-profit corporation, public body.
Examples of eligible projects are:
- The acquisition, construction, conversion, enlargement, or repair of a business or business facility, particularly when jobs will be created or retained.
- The purchase or development of land (easements, rights of way, buildings, facilities, leases, materials)
- To purchase equipment, leasehold improvements, machinery, and supplies
- Start up costs and working capital
- Pollution control and abatement
- Transportation services
- Feasibility studies
- Hotels, motels, B&B's, convention centers
For More Information, Contact:
Contact Ray Tipton to obtain a commercial loan application.