Areas Served: City of Richmond
Neighborhoods In Bloom (NIB) Revolving Loan Fund: The NIB revolving loan fund is designed to promote economic and community development through low interest rate loans to startup and existing small businesses that qualify.
Businesses must be unable to obtain traditional bank financing.
Maximum Loan: $50,000 Interest Rate: Four percent (4%).
Eligible Purposes: Acquisition of commercial buildings, machinery and equipment; and working capital.
Maximum Term: Based upon the average useful life of the asset being acquired with loan proceeds, i.e., 20 years for real estate and 10 years for equipment.
Eligibility Requirements: Businesses must be located in one of the five NIB targeted areas of the City of Richmond, i.e., Brookland Park Boulevard , Jackson Ward, Hull Street, North 25 th Street and Highland Park and Carver.
Contact InformationREDC Community Capital Group
Address: 411 E. Franklin Street, Suite 203
City: Richmond
State: Virginia
Website:
http://www.redcfinance.org/services-proprietary.html#mlp
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