Areas Served: Calhoun, Chambers, Cherokee, Clay, Cleburne, Coosa, Etowah, Randolph, Talladega, Tallapoosa
The RLF Program administered by the East Alabama Regional Planning and Development Commission (EARPDC) provides gap financing for business and industry to stimulate economic development.
The Program’s primary goal is to reduce unemployment and create new jobs.
The RLF Program provides gap financing for businesses that are financially healthy and growing, but cannot obtain adequate financing to carry out and expansion or start-up project.
The RLF Program can also provide a source of incentive financing to businesses locating facilities within East Alabama.
The RLF Program works in cooperation with private lenders in approving loans that a bank might not ordinarily make on their own.
However, the RLF Program is not intended to provide venture capital to support high risk enterprises.
The program makes good projects better by filling in a missing piece of the project financing.
Eligible businesses include: – Small and medium size businesses.
– New entrepreneurial ventures.
– Manufacturing businesses that diversify the local economy.
– Any legitimate business proposal resulting in a significant creation of new employment opportunities for local residents.
Generally, retail businesses are not eligible.
Eligible businesses must be located within the EARPDC region (Calhoun, Chambers, Cherokee, Clay, Cleburne, Coosa, Etowah, Randolph, Talladega, and Tallapoosa Counties).
Funds can be used for: – Purchasing and development of land and facilities.
– Financing and development of now businesses, including construction of new facilities.
– Renovation and/or expansion of existing facilities.
– The purchase of necessary machinery and equipment.
– Working capital needs.
INTEREST RATES The RLF Program may provide fixed, variable, or adjustable rate interest loans, which will be generally available at below market rates.
The borrower must justify the need for the below market rate.
The private lenders will set the interest rates for their loans.
LOAN LIMITS The EARPDC RLF Program can provide up to $250,000 or 33% of a project, whichever is less.
Certain job creation requirements and equity injection requirements must be met.
CRITERIA The purpose of the RLF Program is to create or retain jobs and to leverage private sector capital investment.
The following criteria will be used in evaluating loan applications: Funding with satisfactory terms and conditions must be unavailable from conventional lenders.
Job creation requirements must also be met.
Contact InformationAddress: 1130 Quintard Ave
City: Anniston
State: Alabama
Website:
http://www.earpdc.org/pages/?pageID=36
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