The IRP loan must be adequately secured to ensure repayment. Collateral may include real estate, machinery and equipment, inventory and account receivable, lease assignments, and personal guarantees. Repayment terms for machinery and equipment loans are 5-10 years, for real estate up to 15 years, and for working capital up to 5 years. The IRP is used for term financing only. Lines of credit are not available through this program.
Interest rates are negotiable.
Typically, rates are near New York prime, and are fixed for the life of the loan.