Areas Served: Chattahoochee, Clay, Crisp, Dooly, Harris, Macon, Marion, Muscogee, Quitman, Randolph, Schley, Stewart, Sumter, Talbot, Taylor, and Webster counties, Georgia
The River Valley Regional Commission is a planning and economic development agency serving sixteen counties in West Central Georgia (Chattahoochee, Clay, Crisp, Dooly, Harris, Macon, Marion, Muscogee, Quitman, Randolph, Schley, Stewart, Sumter, Talbot, Taylor, and Webster counties).
The River Valley Regional Commission Revolving Loan Fund program provides a source of capital to help fund start-up or expanding businesses whose projects will create permanent jobs and leverage private sector investment.
As borrowers repay their Revolving Loan Fund loans, the principal and interest payments are returned to the fund for lending to other businesses to create additional jobs and investment opportunities.
Eligibility Requirements Eligibility requirements are designed to be as broad as possible in order for the lending program to accommodate the most diverse variety of small business financing needs.
All businesses that are considered for financing under the RVRC loan programs must meet certain size standards, be forprofit entities, not already have the internal resources (business or personal) to provide the financing, and be able to provide adequate collateral.
A business plan must also be completed and submitted with application.
Eligible Use of Proceeds Loan proceeds may be used to establish a new business or to assist in the operation, acquisition or expansion of an existing business.
These may include: 1. To purchase land or buildings, to cover new construction as well as expansion or conversion of existing facilities.
2. To acquire equipment, machinery, furniture, fixtures, supplies, or materials.
3. For long-term working capital including the payment of accounts payable and/or for the purchase of inventory.
4. For short-term working capital needs including: seasonal financing, contract performance, construction financing, export production and for financing against existing inventory and receivables under special conditions.
5. To purchase an existing business.
Ineligible Use of Proceeds There are certain restrictions for the use of these loan proceeds.
The following is a list of purposes which can not be financed: 1. To refinance debt.
2. To effect a partial change of business ownership or a change that will not benefit the business.
3. To permit the reimbursements of funds owed to any owner.
4. To repay delinquent state or federal withholding taxes or other funds that should be held in trust or escrow
Contact InformationRiver Valley Regional commission
Address: 1428 2nd Ave
City: Columbus
State: Georgia
Website:
http://www.rivervalleyrc.org/RevolvingLoanFund.htm
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