Revolving Loan Fund
Helping small businesses take care of business
The Fairfield County Loan Fund (RLF) provides gap financing to provide low-interest loans to small and medium-size businesses in Fairfield County. This fund provides support to local businesses to help retain employees, create new jobs, and assist in economic recovery from the COVID-19 pandemic.
Funding Sources:
Original RLF (Application) (Additional information)
Eligible Borrowers:
Private-for-Profit, Non-profit businesses (startups or expansions) within Fairfield County (less than 200 employees)
Use of Proceeds:
Acquisition of buildings, machinery, equipment and other fixed assets; limited working capital; construction, repair and renovation of facilities (prevailing wage applies to all construction activities).
Rate:
0-6% as determined by the Loan Review Committee.
Term:
- Useful life of machinery and equipment
- Up to 20 years for real estate
- 5 years limited use working capital
- Fixed rates
Collateral:
Collateral value should be sufficient to cover the private lender financing and the RLF financing. If necessary, the RLF may request additional collateral. Smaller COVID-19 relief loans may not require collateral.
RLF Participation:
Startups will need to provide a minimum owner equity contribution totaling 10% of the project cost whereas businesses that have been in operation for more than two years will be subject to a 5% equity requirement.
Additional Information:
One full-time equivalent job must be created or retained for every $25,000 of Revolving Loan Fund financing.
TESTIMONIALS
The Fairfield County Revolving Loan Fund has been essential in our business development. Integral in providing much needed financing for our business startup 4 years ago and now a vital resource in our growth, and the RLF committee has been nothing but supportive in helping us reach our goals as a company.
Keith Jackson, Combustion Brewery
We are grateful for the Fairfield County Revolving Loan Fund. This program helped subsidize the purchase of our new location offering us a lower interest loan and less cash out of pocket than a conventional bank loan and helped us secure the property and keep cash available for other startup costs. I would encourage others to look to Fairfield County as a place to start their new business and take advantage of the programs available.
Tim Smith, Maverick Environmental Equipment