Enterprise Zone Revolving Loan Fund
 
Purpose

to promote job growth and business expansion, and to boost business investment within the zone
 
Eligible Applicants

Companies located within the existing zone boundary
 
Eligible Use of Funds
  • land and building
  • machinery and equipment
  • working capital
Limitations

up to $250,000 or 90% of project costs, whichever is less
 
Conditions
  • must be located within the boundaries of a designated Enterprise Zone
  • must create or retain jobs
  • must provide full-time employment at a level substantially above minimum wage with some fringe benefits
  • owner equity injection equal to 10% of loan amount
Rates and Terms
  • 60% of prime: 10-year term on land and building
  • 60% of prime: 5-year term on machinery and equipment
  • 60% of prime: 3-year term on working capital
Fees
  • $250 non-refundable application fee due to RDA at time of application submission
  • 1% of loan amount due to RDA at time of closing
Collateral

reasonable security position
 
Application Process

Please contact Larry Morgan for full details and assistance