Pearl River Valley | Mississippi
(601) 736 - 9564

Intermediary Re-Lending Program

The purpose of the IRP program is to alleviate poverty and increase economic activity and employment in rural communities. These revolving loan funds are used to assist with financing business and economic development activities to create or retain jobs in disadvantaged and remote communities. Loans made under the IRP Loan Program may be made for a maximum of ten years. The maximum loan may not exceed 50% of the total project or $250,000. The interest rate on these loans is fixed at 7%.

Loan proceeds can be used to fund the following projects:

  • 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, supplies
  • Start-up costs and working capital
  • Pollution control and abatement
  • Transportation services and feasibility studies

The eligible geographical areas serviced by this program are Covington, Forrest (excluding the City of Hattiesburg), Jefferson Davis, Jones, Lamar, Marion, Pearl River, Perry, Pike, Stone, and Walthall.

This program is made possible by the USDA Rural Business Cooperative Services and is federally funded. Therefore, all applicants must comply with various federal laws, including those relating to minority employment nondiscrimination, environmental impact, flood insurance, historical preservation, non-relocation, labor relations and other federal requirements.

PRVO, Inc. does not discriminate on the grounds of race, religion, color, sex, familial status, age, national origin or handicap in any program or employment. This institution is an Equal Opportunity Provider. Complaints should be sent to: USDA, Director, Office of Civil Rights; Washington, DC 20250-9410.

Stipulations for the IRP

  • businessAt least 51% of the business must be owned by a United States Citizen
  • Applicants must be credit worthy, but unable to obtain financing through private lending institutions. (Must be documented by two denial letters from two separate institutions.)
  • Applicants must sign a personal guarantee
  • Funds can be used to finance projects ranging from $5,000 to $150,000
  • Funds can be used for start-up or expansion, business & industrial acquisitions (when it will keep the business from closing & loss of employment), feasibility studies, easements, rights-of-way, inventory, equipment, interest, leasehold improvements, fixed assets, land & building, machinery, pollution control and abatement, reasonable fees for licensed professional services, transportation, and working capital
  • Applicants must have at least 5% tangible equity injection
  • Adequate collateral must be pledged to secure the loan
  • Can not finance debt consolidation, property held primarily for sale or investment, media, through which editorial opinions may be expressed, hotels, motels, tourist homes, convention centers, recreation or amusement centers
  • Can not finance businesses engaged in lending, directly or indirectly, or loans to owners or stockholders of the business
  • The interest rate is fixed at 7%
  • The terms of repayment relate to the amount of the loan and the type of collateral offered, but generally range from five years to ten years