Press Release
The Idaho State Department of Agriculture (ISDA), in cooperation with the Idaho Transportation Department (ITD) and the Idaho Department of Commerce, announced Monday that the interest rates for the Rural Economic Development and Integrated Freight Transportation Program (REDIFiT) have been reduced. REDIFiT interest rates vary by length of the loan. The newly announced rates reflect market changes as the rates had not been updated since the program was launched in 2007:
|
TERM OF LOAN |
RATE |
|
0-36 Months |
1.0% |
|
27-96 Months |
1.5% |
|
97-180 Months |
2.0% |
The REDIFiT revolving loan program was established by the Idaho Legislature to help business and industry develop and expand freight transportation options. Loans are available to finance up to 90 percent of project costs. Projects must assist qualified rail lines or freight shippers to upgrade, expand, rehabilitate, purchase or modernize equipment and facilities for Idaho’s freight shipping infrastructure.
Qualified applicants include Class III short lines, branch lines of Class I railroads leased or operated by a Class II railroad, branch lines of Class II railroads, lines owned by public entities, and freight shippers.
An interagency working group advises the ISDA on the REDIFiT program. The interagency working group is composed of eight members representing the ISDA, Idaho Commerce, ITD and industry representing freight shipping interests, business development and the Local Highway Technical Assistance Council.
More information on the loan program is available at http://www.agri.idaho.gov/agri/Categories/Marketing/transportation.php .
