The Traverse City Area Chamber’s Intermediary Relending Program (IRP) is a new $460,000 revolving loan fund created with $400,000 from U.S. Department of Agriculture Rural Development and $60,000 from the Traverse City Area Chamber Foundation. The fund is designed to provide businesses with gap financing for working capital, product line expansion, market diversification, machinery and equipment financing and related needs.
The loan program is available to businesses located in Antrim, Grand Traverse, Benzie, Kalkaska and Leelanau counties. Loans are available in amounts up to $70,000 at or below existing bank lending rates, with terms up to seven years for machinery and equipment purchases and up to three years for working capital.
Laura Galbraith, the Chamber’s senior vice president of finance and administration, said the new IRP lending program already has one approved loan totaling $15,000, and several other pending applications. To learn more about the Chamber’s new USDA Rural Development lending program and the continuum of business financing programs offered through the Chamber, click here.