EDFC IRP LOAN PROGRAM

EDFC participates in the USDA Rural Development Intermediary Relending  Program (IRP).

This loan program provides gap-financing and acts as a lender-of-last-resort to startup and existing businesses in Lake and Mendocino Counties who need capital and are creating jobs.

  • Loan amounts range from $10,000 to $250,000.
  • Loans will be collateralized (real estate and/or UCC filings on equipment).
  • Loan terms are from 1 to 10 years.
  • Interest rates:
    • Prime rate + 1% (base rate of 7.5%) on secured loans with deed of trust.
    • Prime rate +2% (base rate 8.5%) on loans secured with UCC filings
  • Eligible for California Capital Access Program (CalCAP)

Loan costs and fees:

  • $100 Application Fee
  • 2.5% Underwriting Fee
  • $150 Loan Modification Fee

Eligible uses for loan funds:

  • Purchase of equipment, inventory, and real estate.
  • Leasehold improvements.
  • Working capital.

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Handing Money