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Revolving Loan Program 

The Revolving Loan Fund (RLF) is a loan fund designed to create economic activity by providing greater access to capital for main street everyday small businesses. The program is targeted to small businesses that have had difficulty accessing regular credit markets.

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By focusing efforts on making sure businesses can succeed, the GCIDA doesn’t just lend money upon request. They confirm that businesses are ready to accept the money and use it for growth and additional revenue creation, not just allowing it to become another debt. The goal is to help businesses to grow by nurturing them and helping them realistically plan for the future.

 

The GCIDA encourages business owners to attend business training to assure that the fledgling businesses that borrow money have the skills needed to succeed.

 

RLFs have been responsible for helping save a number of existing businesses and start-up others. Without the RLF programs, a number of rural businesses would have closed their doors, and a number of others would never have found the funding to begin and succeed.

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Types of Financing 

The type of financing is fixed asset financing. The interest rate will be set by the Revolving Loan Fund Advisory Board.

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The minimum loan amount is $20,000 per individual business (smaller loans will be considered on a case by case basis)

Eligibility Requirements

  1. Provide proof that the business or building is located and has a permanent physical address in the project area.

  2. Provide proof of collateral. Assets used as collateral may include cash, land, buildings, or equipment. Proof of hazard insurance in a sufficient amount to protect the collateralized asset may be required.

  3. Provide proof of equity interest in business or building.

  4. Provide a business plan.

  5. Demonstrate one full-time job will be created or retained for every $10,000 borrowed from the Revolving Loan Fund.

Female Business Owners

How to Apply

  1. Completed and signed application including: o Loan Request Worksheet o Personal Financial Statements o Credit Authorization Form o Tax Returns (two fiscal years) o Disclosure Statement(s) o Balance Sheet, Profit & Loss Statement (AP & AR for current 90 day period) o Business lease/deed

  2. Current three-year business plan and management resumes

  3. Current eighteen-month financial projections (including P & L, cash flow, owner compensation)

  4. Personal credit report (as appropriate)

  5. Three business references

  6. Copy of collateral offered and current market value (title, deed, security paper, etc.)

  7. A statement indicating what the loan will be used for

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How Can Use the Loan

  • Building and land acquisition

  • Leasehold and site improvements

  • New construction

  • Rehabilitation costs

  • Purchase of fixtures, machinery, and equipment and associated installation costs

  • Start-up or operational costs
     

This institution is an equal opportunity provider, and employer.
 

The RLF program does carry some government restrictions. Please call (928) 473-1129 for any questions about the Revolving Loan Fund.

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