The Revolving Loan Fund ("RLF") is a locally controlled source of capital that assists startup and growing businesses whose projects help improve the county's economy. The primary purpose of the RLF is to aid in the creation and retention of jobs in the county. The goal of the RLF is to create one job per $10,000 of funds borrowed. The RLF was established to be a project gap financing or primary financing option if the borrower had previously sought private loans.
- Purchase of machinery, equipment or inventory;
- Permanent working capital;
- Expansion expenses;
- Product development costs.
Terms & Conditions:
- Loan terms will average from 1 to 3 years on working capital;
- Loan terms will average from 3 to 5 years on machinery and equipment;
- Interest rates are fixed for the life of the loan;
- Loan terms are based on each application with a review of collateral, finances and market risk;
- No pre-payment penalty;
- Loan amounts average in range from $2,000 - $50,000 determined on a case-by-case basis;
- Application Fee - $100.00 non-refundable.
- Interest rate is fixed at or near prime rate. A combination of RLF and bank financing is beneficial because the borrower can often realize a rate below existing market value;
- The RLF is a project gap financing program, or can be used as a primary financing option if borrower has previously been denied for private loan funding;
- The RLF operates to help expand the region's economy through the creation and retention of jobs;
- The RLF program is a local economic development initiative
Contact our office for more details: 812.659.2109 or email: email@example.com