The City’s Revolving Loan Fund (RLF) will be created by dedicating $10,000 each year from the economic development monies which the City receives from PMPA. This fund will be intended to grow over the coming years as loan recipients repay their original loan; allowing larger and more impactful loans to be given out in the future. In many ways the RLF will function as another grant program, with the caveat that these funds must be repaid. The recipients of RLF monies will be determined by the Selection Committee and will be given to businesses who would otherwise qualify for one of the City’s Small Business Grants, meeting the City’s definition of a Small Business.
Projects eligible for funding under this grant are restricted to what can reasonably be defined as reasonable startup cost, needed business improvement, or non-routine maintenance costs. Applicants are encouraged to include building improvements in their application.
At this time he City’s maximum amount given through the RLF will be $10,000; no loans smaller than $5,000 will be considered.