WASHINGTON, DC – Congressman Delahunt today announced that Cape and Islands Community Development Inc. will receive $750,000 in economic development funds from the United States Department of Agriculture.
"I want to congratulate the Cape and Islands Community Development Inc for all their work in securing this additional commitment of federal funding from the Department of Agriculture,” Delahunt said. “This type of financing is not only important to the small business community but to the overall economic health of the region.”
These funds are part of the USDA’s Intermediary Relending Program (IRP). The purpose of this program is to increase economic activity and employment in rural communities. Under the IRP program, loans are provided to local organizations (intermediaries) for the establishment of revolving loan funds.
These revolving loan funds are used to assist with financing business and economic development activity to create or retain jobs.
- Some examples of projects that are eligible under the IRP include:
- 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
- Feasibility studies
- Hotels, motels, B&Bs, convention centers
Cape and Islands Community Development, Inc. is a small business and micro loan fund that was created in 1995 to provide financial and technical assistance to start up small businesses in the counties of Barnstable, Dukes, and Nantucket. The program was created as part of an economic development initiative of the Cape Cod Chamber of Commerce. For more information on how to apply for small business financing please call 508-790-2921.
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