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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