Areas Served: Smith County
The Tyler Economic Development Council (TEDC) manages the Smith County Revolving Loan Fund (SCRLF), which provides loans to firms that create or retain permanent jobs through the retention, expansion, or establishment of companies in Smith County, Texas.
ELIGIBLE APPLICANTS & USES Businesses located or locating in Smith County that are producing a product or providing a service from which a majority of their sales are derived outside of Smith County.
The company should also provide evidence of a financing gap and should have a substantial potential for retention or creation of jobs.
Eligible uses include working capital, equipment and machinery, purchase and development of land and building, pollution control and abatement.
Ineligible uses include speculative activities, loans which assist the relocation of jobs from another labor area, investment, refinancing, or to provide the equity contribution required for federal loan programs.
MAXIMUM LOAN AMOUNT The maximum loan amount will be $200,000; the minimum loan will normally be $50,000. PARTICIPATION AND INTEREST RATE The loan ratio will be at least two private sector dollars to one SCRLF dollar.
Private sector dollars include private financing from other lenders or equity investment.
Owner participation will generally be 20% of the total project costs.
The loan may be subordinated to the primary lender or funding source.
Interest rate will normally be fixed and at or slightly higher than the national prime rate.
The loan term will be tied to the life of the assets financed, up to twenty-five years.
Working capital loans shall be for terms of five years or less.
Contact InformationTyler Economic Development Council
Address: 315 N. Broadway Ave.
City: Tyler
State: Texas
Website:
http://www.tedc.org/revolving-loan-fund
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