Loan Description

The Business Development Coordinator assists business start-ups and existing businesses with financial packages when they are unable to receive funds through traditional means. The lack of capital available to emerging businesses and risky enterprises is needed in our community. The loans SCOEDD offer fills this need.

Revolving Loan Fund (RLF) Basics:

- Business Loans $10,000-$250,000

- Applications are reviewed by a local advisory board

- Interest rate cap is 3 points above prime rate at closing

    - At least 10% of new investment towards the total cost of the project
        must be contributed by the borrower (riskier start-ups may be
        required to contribute additional equity)

- Sufficient collateral to cover loan amount is required

- SCOEDD can fund up to 75% of the project

Intermediary Re-lending loan Program (IRP):

- Fixed assets (land/building acquisitions, equipment, fixtures, and/or machinery purchase)

- Inventories and supplies

- No agriculture

- Up to 25% of loan used for working capital

Economic Development Association (EDA) loan program:

- Fixed assets (land/building acquisitions, equipment, fixtures, and/or machinery purchase)

- Inventories and supplies

- Davis-Bacon wages apply to construction projects over $2,000

- Up to 50% of loan used for working capital

Regional Investment Board (RIB) loan program:

- Fixed assets (land/building acquisitions, equipment, fixtures, and/or machinery purchase)

- Inventories and supplies

Community Development Block Grant (CDBG):

- Fixed assets (land/building acquisitions, equipment, fixtures, and/or machinery purchase)

- Working Capital

- Davis-Bacon wages apply to construction projects over $2,000

      - 1 job created/retained for every $20,000 in loans

                                                - Loan Application -