Areas Served: Chester, Lancaster, Union, and York counties
The Revolving Loan Fund Program was started in 1987 with funds from the federal Economic Development Administration and other public sources.
These funds have been used by many businesses in the region, creating hundreds of jobs and leveraging millions of dollars in private investment.
RLF funds from $50,000 to $250,000 are available to small businesses located in Chester, Lancaster, Union, and York counties in South Carolina.
These funds can be used in conjunction with bank financing to fund eligible project costs.
A below market interest rate and negotiable term can significantly lower overall debt service providing improved cash flow for the business.
The application process includes submitting projections, business financials, personal financial statements, and an outline of project costs.
Business plans are required for start-up companies.
Cash flow, credit history, and collateral will be considered in the loan review process.
RLF funds combined with bank financing can be a powerful economic development tool.
These funds are available to new and expanding businesses for the purpose of increasing the local tax base and creating jobs.
Industrial, commercial, service, and retail companies are eligible for RLF funds.
Job creation is a key component to the program, with a goal to create one permanent job for every $20,000 of RLF funds loaned.
General Guidelines: Loan Amounts $50,000-$250,000 Interest Rate Fixed Term Negotiable Maximum Loan Amount $250,000 Origination Fee 1.5% Legal Fees Varies Prepayment Penalty $150 Job Creation The goal of the RLF loan program is to create one job per $20,000 of RLF funds.
Uses For Loan Funds Land, Building Construction, Building Expansion, Machinery, Equipment, and Working Capital
Contact InformationCatawba Regional Council of Governments
Address: 215 Hampton St,
City: Rock Hill
State: South Carolina
Website:
http://catawbacog.org/economic-development-lending/small-business-loans/intermediary-relending-program/
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