Areas Served: Rutland County
Rutland Economic Development Corporation (REDC) is a non-profit, community-based organization whose mission is to encourage and enhance business success in Rutland County, Vermont.
To help fulfill this mission, REDC provides fixed rate loans through its Revolving Loan Fund.
REDC’s Revolving Loan Fund provides businesses with loans of between $5,000 – $75,000. Eligible loan purposes include:n¢ Machinery and equipment purchasen¢ Business acquisitions to keep a business from closingn¢ Leasehold Improvementsn¢ Pollution control and abatementn¢ Transportation servicesn¢ Startup costs, including feasibility studiesn¢ Working capitaln¢ Aquaculturen¢ Hospitalityn¢ Commercial nurseries, forestry, livestock and poultry processing, mushroom growing, and hydroponics.
Rates & Terms The interest rate is prime plus one percentage point with a floor of 5.5%.
All rates are fixed for the term of the loan.
Terms will vary depending upon the type of financing and typically range from three to ten years (loans for buildings or land purchases may have longer terms).
REDC funds are available to finance up to 75% of all project costs.
Contact InformationRutland Economic Development Corporation
Address: 112 Quality Lane
City: Rutland
State: Vermont
Website:
http://www.rutlandeconomy.com
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