South Jersey Economic Development District

226 N. High Street, Suite A
Millville, NJ 08332
Phone: (856) 765-9700
Fax: (856) 765-9045
www.sjedd.com

Intermediary Relending Program (IRP) Revolving Loan Fund (RLF)
Eligible Borrowers: Must be in communities with a population of less than 25,000 and use labor of low-income persons. Must be in communities with a population of less than 25,000 and use labor of low-income persons.
Loan Amount: 75% of project costs with a $150,000 maximum. $10,000 minimum to $100,000 maximum.
Estimated Interest Rate: For more information, please call (856) 765-9700. For more information, please call (856) 765-9700
Terms: Three to five year repayment schedule. Three to five year repayment schedule.
Permitted Uses: Loans may be used for the purchase and/or construction of fixed assets. (i.e.: building renovations, machinery and equipment) Loans may be used for the purchase and/or construction of fixed assets. (i.e.: building renovations, machinery and equipment)
Application Fees: Non-refundable $250 application fee and a 1% origination fee at closing.
Borrower is responsible for all closing costs and fees associated with servicing the loan.
Non-refundable $250 application fee and a 1% origination fee at closing.
Borrower is responsible for all closing costs and fees associated with servicing the loan.
Other Special Requirements: Must be in Atlantic, Cape May, Cumberland and Salem Counties.
Less than 60 employees.
Must be in Atlantic, Cape May, Cumberland and Salem Counties.
Less than 60 employees.

 

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