Three year pilot program in which SBA will make direct loans of up to $1 million at an interest rate of 1 percent to up to 20 nonprofit lending intermediaries each year, subject to the availability of funds. Term of ILP loans will be for a maximum period of 20 years with deferred payments for the first two years. Intermediaries will then use the ILP loan funds to make loans of up to $200,000 to startup, newly established, or growing small business concerns. No small business (including affiliates) may have more than $200,000 outstanding under this program at one time.
Revise results below
- 2010: $0
- 2011: $20,000,000
† No obligations reported in the Catalog of Federal Domestic Assistance