RDA Revolving Loan Fund

Low interest loans to assist eligible businesses

• new and expanding private, for-profit businesses located or locating within the city of Meadville
• businesses must be creditworthy

• land and/or building acquisition
• building construction or renovation
• machinery and equipment purchase
• working capital
• initial start-up costs
• product development costs
• interim financing
• moving costs

• maximum loan $25,000
• loan will not supplant private sector funding

• one job must be created/retained for every $5,000 borrowed
• business must be located or locating within the limits of the city of Meadville

• interest rate 60% of prime lending rate
• 10% equity injection during term of loan
• prepayment allowed without penalty

• $100 application fee due to the Redevelopment Authority
• $150 closing fee due to the Redevelopment Authority

• corporate guaranty
• personal guaranty may be required
• shared lien position with any other lending source on project
• negotiable depending on project

Please contact Jill Groves for details and assistance