Category: Revolving Loan Funds
The primary purpose of this program is to promote the expansion of area businesses and to create jobs .ECIA Business Growth, Inc. administers the Jackson County Revolving Loan Fund.
• Targets manufacturing and service industries
• Goal of one F.T.E. job created/retained for each $50,000 lent
• Limited strictly to projects within Jackson County
• County's participation generally limited to 35% of the projects financial package
• Uses: Fixed asset projects (land, building and equipment)
• Finance working capital only in unusual situation
• Size: Open, but limited to available unencumbered dollars in fund
• Term/Rate: 3-15 years, 4%
• Collateral required, lien position may be subordinated to private lender
• Personal guarantee usually required, other security as necessary
• 1.5% processing fee and legal costs, no servicing fee
• Loan negotiation considered, but not an inherent right
• Positive recommendation of RLF review committee (local bankers) and approval of Board of Supervisors
In accordance with Federal law and U.S. Department of Agriculture policy, this institution is prohibited from discriminating on the basis of race, color, national origin, age, disability, religion, sex, and familial status. (Not all prohibited bases apply to all programs). To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410 or call (800) 795-3272 (voice) or (202) 720-6382 TDD).
*Contact Jackson County Economic Alliance for more information regarding this incentive, (563) 652-4549.