Areas Served: Bledsoe, Bradley, Grundy, Hamilton, Marion, McMinn, Meigs, Polk, Rhea and Sequatchie Counties in Tennessee and Dade and Walker Counties in Georgia.
The RLF provides up to $150,000 to purchase equipment, real estate or other fixed assets to qualifying businesses.
Loans are amortized on a monthly basis up to 15 years.
Interest rates are fixed for the life of the loan generally at or near the published Prime rate at the time of closing, but not less than 4 percent.
Requirements – For each dollar of financing invested in a project that a minimum of $2 of private investment is matched.
– For each $35,000 of RLF funds borrowed through the Economic Development Agency, one new job must be created or retained.
– Proof is required to show that RLF financing is not replacing financing available under normal commercial terms – May require up to 10 percent equity injection by the owner of the business Required Collateral: – Deed of trust and/or security interest in assets of project generally in a pro-rata or subordinate position to private lender.
Personal guarantees always required.
– RLF loans are available in Bledsoe, Bradley, Grundy, Hamilton, Marion, McMinn, Meigs, Polk, Rhea and Sequatchie Counties in Tennessee and Dade and Walker Counties in Georgia.
Contact InformationSoutheast Tennessee Development District
Address: 1000 Riverfront Parkway
City: Chattanooga
State: Tennessee
Website:
http://www.sedev.org/www/docs/1022
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