Revolving Loan Program

The Six County Association of Governments' offers revolving loans for local businesses.

Under direction of the SCEDD and Loan Administration Board (LAB) the region administers the Six County Revolving Loan Program (RLF).

The LAB consists of the Six County economic development directors/coordinators, the SCEDD Board Chair or appointed elected official, and an appointed individual from the finance/banking industry.

The program consists of three resource categories:

  1. The RLF provides “gap financing” in partnership with banks, borrower, and/or other financial resources. This is a long term finance program for new and expanding businesses with finance needs of $20,000 to $250,000. Job creation is a requirement for qualification. Funding resources include EDA, Community Development Block Grant allocations, and a grant from U.S. Rural Development Administration (USRDA).
  2. The Intermediary Relending Program (IRP) provides funds for loan end users from a USDA loan to the SCEDD. Use of funds can be either “gap financing” or up to 75%/25% lender/borrower loan. Other requirements are similar to the RLF.
  3. The Targeted Business Assistance Fund (TBAF) is a micro-loan program created for the purpose of encouraging start-up and expanding businesses to target vacant buildings and sites throughout the Six County Region. These loans are 60 months or less term with a maximum loan amount of $10,000. Funding resources were from a congressional funding to the State for economic development projects.

The loan programs are revolving in that repayments are utilized for future loans.

Staff involved in the program work in coordination with the county economic directors/coordinators to meet potential client needs, assisting clients in application completion, identifying additional funding and assuring that program guidelines are met. They are also responsible for organizing meetings, taking minutes, program reports, training, loan monitoring, audit participation, correspondence and liaison with partner agencies.

For more information, contact our RLF staff lead, Amy Rosquist, at arosquist@sixcounty.com or 435-893-0720.

 


 

2020 Six County Revolving Loan Administration Board

Brent Boswell
Economic Development Director
Juab County
435-623-3415/435-660-0185
brentb@juabcounty.com

Darin Bushman
County Commissioner
Piute County
435-326-4255
darinbushman@piute.utah.gov

John Christensen
Board Member
Economic Development District Board
mayfieldmayor@gmail.com

Kevin Christensen
Economic Development Director
Sanpete County
435-835-4321
kevin@sanpete.com

Stuart Clason
Representative
Millard County
stuart@uacnet.org

Adus Dorsey
Economic Development Director
Wayne County
435-691-0173
adus@wayne.utah.gov

Patrick Mullen
Representative
Millard County
patrick@uacnet.org

Malcolm Nash
Economic Development Director
Sevier County
435-893-0454
mrnash@sevier.utah.gov

Tooter Ogden
Chair
Economic Development District Board
435-979-6310
togden@sevier.utah.gov

Dean Woodbury
Loan Officer
State Bank of Southern Utah
435-896-9287
dwoodbury@sbsu.com