Areas Served: Chesterfield, Henrico, Hanover, New Kent, Goochland, Powhatan, Dinwiddie, Prince George, and Sussex counties, and the cities of Petersburg, Hopewell, and Colonial Heights
As a licensed financial intermediary, REDC is able to provide financing to small businesses unable to obtain traditional bank financing.
Maximum Loan: $35,000 Interest Rate & Fees: Competitive interest rates are available, and a $100.00 administrative fee is charged at closing and annually thereafter, to cover the delivery of technical assistance services provided to loan clients.
Eligible Businesses: For profit small businesses and non-profit child care providers.
Business Location: Richmond/Petersburg MSA .
Eligible Purposes: Start up financing, seasonal or permanent working capital, equipment purchases and minor leasehold improvements.
Ineligible Purposes: Repayment of existing indebtedness (unless combined with eligible purpose), non-profit organizations (except non-profit child care providers), and businesses with greater than $105,000 in existing indebtedness.
Other Requirements: Owners must have five (5%) to ten percent (10%) equity investment in the business and/or in the asset(s) acquired with loan proceeds.
Existing businesses must have a positive net worth.
All owners with twenty percent (20%) or more interest in the business must personally guarantee indebtedness.
Loans will normally be secured with business assets or other personal assets as warranted.
Contact InformationREDC Community Capital Group
Address: 411 E. Franklin Street, Suite 203
City: Richmond
State: Virginia
Website:
http://www.redcfinance.org/services-proprietary.html#mlp
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