Revolving Loan Fund

This program will award a low-interest business loan to applicants that present compelling business proposals. Emphasis will be placed upon business proposals that build upon local resources including, but not limited to, agricultural products, telecommunications infrastructure, health care resources, tourism development, and specialty skills such as arts and crafts. Emphasis will also be placed upon projects that address the out-migration of young people from the area. Both new business proposals and plans for the expansion of existing businesses will be considered. The maximum loan amount is $20,000, and equity injection of at least 10% of the total project is required, the intereste rate is 1/2% below prime rate, and loan terms must not exceed the useful life of the assets financed. Generally, working capital is 1 to 3 years, machinery and equipment 3 to 7 years, land and buildings up to 15 years.