Revolving Loan Fund
Revolving Loan Fund Application (PDF)
| Types of Loans | Land & Building | New Machinery/ Equipment |
Working Capital Used Machinery & Equipment |
| Term | 7 Years | 5 Years | 3 Years |
| Rate | As low as 4% | As low as 4% | As low as 4% |
| Eligible Applicants | Manufacturing, Assembly, Wholesale, Warehouse/Distribution, Service, Retail, Commercial, Professional | ||
| Maximum RLF Participation | 50% of total project cost | ||
| Loan Size | Loans shall be minimum of $15,000 and will not exceed $100,000 | ||
| Equity Requirement | 10% of the total project cost | ||
| Security/Collateral | Will subordinate to first position, private lender | ||
| Job Creation Requirement | MVEDP staff will review any job retention/creation requirement with the applicant | ||
| Loan Fee | $100 non-refundable fee required at application, credited toward a minimum loan fee of 1.5% of loan amount (not to exceed $1,000) | ||
| Funds Distribution | Checks provided directly to vendors co-payable to borrower/vendor | ||
| Processing Time | Application forms and loan closing documents are kept to a minimum. A well-planned project can apply, receive approval and close a loan within 4-6 weeks | ||