RLF Fund Requirements
Funding Sources:
Economic Development Administration (EDA)
Appalachian Regional Commission (ARC)
Farmers Home Administration (FmHA)
Eligible Borrowers:
Businesses within the Buckeye Hills District
(Athens, Hocking, Meigs, Monroe, Morgan, Noble, Perry, and Washington Counties)
Use of Proceeds:
Acquisition and improvement of land and buildings, construction, machinery and
equipment, working capital, start-up capital.
Rate:
Based on risk — minimum 4% fixed.
Term:
Useful life of machinery and equipment (typically 5-7 years)
Up to 12 years for real estate
3-5 years working capital.
Maximum Program Participation:
$150,000 or 50% of project cost
Related Fees:
$100 Loan Origination Fee due at time of application
$250 Loan Processing Fee due at the time of loan closing
Servicing fee equal to 1% of the RLF participation Attorney fees and closing costs
Equity Requirement (Borrowers Cash):
5% of the Total Project Cost
Additional Information:
One full-time job equivalent (40 hours per week) must be created or retained for every $25,000.00 of Revolving Loan Fund financing.
Eligible Applicants:
Existing or new for profit business, partnership, cooperative or corporation engaged in manufacturing, service or retail activities, that will be or is presently located within the Buckeye Hills-Hocking Valley Regional Development District.
The District includes the following counties: Athens, Hocking, Meigs, Monroe, Morgan, Noble, Perry and Washington.