Overview

Working in conjunction with area banks, the Revolving Loan Fund Programs assist small businesses in obtaining loans at fixed rates generally lower than conventional financing.

Benefits

Revolving loan funds encourage favorable financing terms by being subordinate to the private lender’s loan thereby improving collateral coverage.

Eligibility

Businesses may be in the industrial, commercial or service sectors.

Businesses must be located or locating in Mahoning or Trumbull Counties or the following localities which have specific RLF programs:

Rates and Terms

Loans may be used for acquisition of property, machinery/equipment or furniture/fixtures. Additionally, some RLFs allow for leasehold improvements, inventory, working capital or soft costs.

The maximum loan is 45% of the project cost, up to $150,000. Amount varies with RLF fund used. The business must provide 10% to 20% in equity.

The interest is based on the prime rate and is fixed.

Maximum term for equipment is 10 years.
Maximum term for real estate is 15 years.

Typically, one job must be created for each $25,000 of revolving loan funds used.

Contact

Youngstown/Warren Regional Chamber at 330.392.6140

Mahoning Valley Economic Development Corporation at (330) 759-3668 or

Warren Redevelopment And Planning Corporation at (330) 841-2566.