Newton Development Corp. IRP loans top $1 million

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In 1997, the Newton Development Corporation (NDC) borrowed $400,000 from the USDA to start an Intermediary Revolving Loan Fund (IRP). The 30 year note requires annual principal and interest payments to the USDA.

The primary purpose of this program was to promote new business start-up, expansion, and/or retention projects for Newton and Jasper County. In fulfilling its purpose, NDC seeks to foster capital investment, as well as job creation and retention. In addition to business projects, the NDC IRP Loan Fund fosters community objectives by providing “gap financing” in conjunction with a conventional bank loan to qualifying businesses.

IRP funds can be used for:

• Acquisition of real estate

• Building construction or improvement

• Purchase of machinery or equipment

• Working capital

The goal of the NDC IRP Loan Fund is to improve the economic well being of the Newton area through sound economic development strategies and practices, to include:

• Increased new business start-ups, expansion and retention activities

• Increased diversification of the economic base and development of exporting and minority opportunities.

• Sustain/increased employment opportunities (new jobs/job advancement)

• Increased capital investment, and property and sales tax revenues

With its most recent loan, the NDC since 1997 has made loans totaling more than $1 million in assisting 19 businesses within the Newton area!

For more information about the NDC IRP Loan Fund go to the NDC website at www.newtondevelopmentcorporation.com

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