GRAND FORKS, N.D. (NewsDakota.com) – A loan through the United States Department of Agriculture (USDA) Rural Development Intermediary Reloaning Program (IRP) has been approved for $466,044 to numerous counties.

Funds will help to fund a revolving loan that will service 22 counties in North Dakota. These include McIntosh, Barnes, Griggs, LaMoure, Dickey, Wells, Eddy, Logan, Stutsman, and Foster counties.

“The IRP will provide loans from lenders for projects that will benefit its eligible counties in rural (under 50,000) communities of N.D.,” the USDA states. “Through this program, the Dakota Horizons Fund is seeking to improve the quality of life of N.D. residents. This will be accomplished through job creation and retention as well as diversification of the N.D. economy. The DHF is not intended to compete with other lenders. They will collaborate with lenders to minimize DHF funding per project. This will allow the DHF to service more projects while enabling lenders to provide financial assistance to qualifying projects.”

Borrower Contributions are around $150,000. The total project cost is $616,044.