Areas Served: Perry, Wayne, Hickman, Lewis, Lawrence, Maury, Giles, Marshall, Lincoln, Bedford, Moore, Coffee and Franklin Counties
The SCTDD/EDA Revolving Loan Fund (RLF) can provide below-market-rate loans for economic development projects in Tennessee EDA Title IX eligible counties (Perry, Wayne, Hickman, Lewis, Lawrence, Maury, Giles, Marshall, Lincoln, Bedford, Moore, Coffee and Franklin Counties).
These funds must be used in conjunction with other financing sources and can be used only to fill a gap between the amount of financing required for a project and what is available from other sources (both equity and debt).
Funding Sources U.S.
Department of Commerce, Economic Development Administration; the state-administered Community Development Block Grant Program, and the Tennessee Growth Fund.
Applicant Any business that proposes to create jobs and increase its capital investment in the community and can identify a financing gap in its project.
The unit of government – either city or county – in which the project will be located, must support the project.
Interest Rates Determined by the risk, but usually would be comparable with commercial bank rates.
Terms Buildings – up to 15 years Machinery and Equipment – seven to 10 years Working Capital – three to seven years Funding Availability Approximately $1,850,000 for the SCTDD area.
The RLF funds can be no more than one-third of the total project costs, up to $200,000 per project.
Contact InformationSouth Central Tennessee Development District
Address: 101 Sam Watkins Boulevard
City: Mt. Pleasant
State: Tennessee
Website:
http://www.sctdd.org/content/ecodev/php/index.php
Leave a Reply