Revolving Loan ProgramThe 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 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).
The loan program is 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 firstname.lastname@example.org or 435-893-0720.