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Lending History
This year marked the twenty-fourth year that the Southeast Tennessee Development District has operated an Economic Development Administration Revolving Loan Fund (EDA RLF). From three early EDA capitalizations totaling $2,250,000, the SETDD has successfully grown and administered the funds making 152 loans totaling $9,267,152, creating or retaining 4,059 jobs, and generating a total capital investment of $54.8 million in the region.
The portfolio currently has 26 active loans representing $2,435,857 in loaned principal. Staff work closely with each of the businesses that receives funding to protect the integrity of the funds and to ensure that every loan has the highest possible chance of success.
IRP Application To increase the lending capacity of the SETDD, staff packaged an application for submission to the USDA Rural Development office to participate in their Intermediary Relending Program (IRP). The application is under review by the national office and, if funded, will provide an additional $750,000 to assist regional business and industry. |
