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 activities to create or retain jobs in rural communities.
Businesses can borrow money for the acquisition, construction, conversion, enlargement, or repair of a business or business facility, particularly when jobs will be created or retained. Startup costs, working capital, equipment purchase, and feasibility studies are also eligible.
Loans are up to $150,000 and you must be turned down by a traditional lender to qualify.
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 are 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, or public body.
Contact the Brownwood Industrial Foundation at 325-646-9535 for more information about the IRP Loan program and how to apply.