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Revolving Loan Fund Print E-mail
Community and Economic Development Loan Fund
Business and Industrial Loan Program
 
  • Financing is considered “GAP” financing and the Loan Fund can only provide up to 1/3 of total project costs.
  • Loan Fund uses - equipment purchases, building rehab/expansion, real estate acquisition and working capital (associated with expansion, new machinery and etc…)
  • Loan Funding - $1,000 of Revolving Loan Funds per $1 dollar an hour for each job created or retained. Example, a business paying an average of $10.00 an hour could receive $10,000 per new job created and retained ($1,000 X 10). There is a cap of $15,000 per job.
  • Maximum loan amount varies (up to 25% of current loan fund assets) while balancing loan funding criteria above. 
  • Interest rate, 1/2 of prime (not to drop below 4%)
  • Loan term: up to 10 years
  • Two stage application process
    • One page Pre-Application. 
    • “Full” Application after Pre-Application is approved including:
        • Business Plan
        • 3 years previous financials
        • 3 years projections
        • Bank commitment letter stating their funding level for the project or willingness to fund the project if additional funds can be secured. 
        • Additional information pending nature of project
 
Completed Applications and/or questions should be addressed to:
                                    Tony Foster II
Department of Metropolitan Development
                                    City of Richmond
                                    50 North 5th Street
                                    Richmond, IN47374
                                    Phone: 765-983-7211
                                    Fax:    765-962-7024
                                    Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
 
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