Areas Served: Bonneville, Butte, Clark, Custer, Fremont, Jefferson, Lemhi, Madison and Teton counties, Idaho
The objective of the Revolving Loan Fund (RLF) program is to provide small businesses in Idaho with the financing in rural communities that cannot be found through other traditional lending activities.
This financing will help to provide long-term economic growth through job creation and retention, which in turn will help to alleviate the long-term unemployment problems in affected areas.
Locations eligible include: – Bonneville County – Butte County – Clark County – Custer County – Fremont County – Jefferson County – Lemhi County – Madison County – Teton County Terms – Eligible projects start at $5,000, and with the exception of working capital, loans are usually for no more than 33-50% of the total project.
Borrower injection must be a minimum of 15-20% of the project.
The Private Lender must provide the remaining percentage of the project, usually 50%.
– The maximum terms are based on the life of the collateral, but cannot exceed 5 years on working capital, 10 years on machinery and equipment, and 15 years on real estate.
Interest rates are at Prime Rate, and are fixed over the life of the loan.
-Eligible borrowers include healthy small businesses seeking to expand or retain their employee base.
They must be for profit companies unable to obtain comparable financing from traditional sources.
– Eligible projects include plant acquisition, new construction, renovation or expansion, machinery and equipment, furnishings and fixtures, inventory and receivables and working capital.
– All RLF loans require sufficient collateral coverage of the loan amount, and may include inventory, receivables, equipment and machinery, furnishings and fixtures, real estate, assignments of contracts, and personal or company guarantees.
Contact InformationThe Development Company
Address:
City:
State: Idaho
Website:
http://www.thedevco.net/revolving-loan-fund-program
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