NC Nonprofit Receives USDA Loan for Rural Economic Development
A North Carolina organization is one of six recipients of low-interest loans from the U.S. Department of Agriculture (USDA) that are used for projects that spur rural economic development.
In total, the USDA awarded $3.6 million in loans through the Intermediary Relending Program (IRP). Natural Capital Investment Fund, based in Chapel Hill, received about $364,100 to provide low-interest loans to public and nonprofit organizations for small business and community development.
The IRP provides 1 percent, low-interest loans to intermediaries that re-lend money to businesses and for community development in rural areas. The intent of the program is to create jobs and slow migration out of struggling areas.
Organizations in Florida, Missouri, Georgia and Texas will also use the funding to provide business loans, and fund economic and community development projects.
"These loans will improve rural economies by providing capital to small and emerging businesses," Agriculture Secretary Tom Vilsack said in a written statement. "Access to capital is too often the missing link that stands between success and failure for many businesses. This funding will help ensure that emerging rural businesses will have the resources they need to grow and prosper."