The Greene County Development Corporation (GCDC) announced this week that a revolving loan fund (RLF) has been established to provide an additional source of loan funds to Greene County small businesses to start or expand their business operations. Private businesses employing 20 or fewer employees with less than $1 million in projected annual gross revenues are eligible to apply for loan funds through this program.
Businesses to be assisted must be located in Greene County. Funds may be used for acquisition and development of land, easements, and rights of way. Funds may also be used for construction, conversion, enlargement, repairs or modernization of buildings (including façade repairs and system upgrades), plants, machinery, equipment, access of streets and roads, parking areas, utilities, and pollution control and abatement facilities.
RLF applicants will be required to meet their financial needs from their own resources and commercial financial institutions whenever possible. The RLF will be used to finance applicant needs that cannot be met from other sources. The RLF may finance 100% of an applicant’s needs if other resources are not available.
Jim Daubendiek, GCDC President, stated, “Establishing a revolving loan fund for small businesses was one of our goals for this year. As an organization, we want to provide Greene County small business owners with financial tools to help them succeed. It is our hope that these loan funds can make a positive difference to businesses in Greene County needing additional funding sources.”
The $100,000 RLF pool of loan funds consists of a $49,000 Rural Business Enterprise Grant from USDA along with a $51,000 contribution from GCDC. RLF applications will be accepted on a continual basis and reviewed monthly by a Greene County RLF Committee.
Loans from the RLF will typically not be less than $2,000 although the loan committee may authorize loans smaller than $2,000 on a case by case basis. The maximum loan will typically not exceed $10,000. Loans will be amortized over a period of 120 months or less. Interest rate will be 3% per annum, and will be reviewed annually by the committee.
RLF applications are available at the GCDC office located at 220 North Chestnut in Jefferson. GCDC Community Liaison, Karen Voge-Perkins, is available to answer questions concerning the application, provide assistance to applicants, and to refer applicants to other sources of technical assistance, if needed. GCDC is an equal opportunity provider. For additional information, you may call 515-386-8255 or visit the GCDC office in Jefferson.
