Indiana County Revolving Loan Fund

The Indiana County Center for Economic Operations (CEO) is a county-wide public-private partnership dedicated to furthering the economic prosperity of the communities in Indiana County, Pennsylvania. The CEO provides assistance with site selection, business and industrial parks, multi-tenant and flex buildings, small business consulting, business planning, financial and tax incentives, education and training centers, conferencing, and visitor and tourism opportunities.


Frequently Asked Questions

Q. What is the Revolving Loan Fund?

A. The Revolving Loan Fund (RLF) is a low interest loan program. If your business is located within Indiana County and you are having difficulty accessing traditional capital, then the RLF is available to you. The RLF does not compete with your bank. Instead, the RLF works with your bank to get you the financing you need to complete your project.

Q. How much can I Borrow from the fund?

A. You can borrow up to $250,000, or 1/3 of the total project cost, whichever is less. The RLF can lend a maximum of $100,000 for working capital.

Q. What is the Interest Rate?

A. The interest rate is competitive and is adjusted based on the Wall Street Journal Prime rate.

Q. What term will the RLF extend to me?

A. The RLF will extend a 15-year term for real estate purchases, a 10-year term for machinery & equipment purchases, and a 3-year term for working capital requirements. A blended term will be provided if funding has multiple uses.

Q. Is job creation or job retention a requirement?

A. Yes. The RLF requires that one full time job be created or retained for every $35,000 borrowed from the fund.

Q. Are there other Federal requirements?

A. Yes. The RLF requires the borrower provide at least 10% equity contribution towards the project. The RLF is not a substitute for available private capital and borrowers are required to verify their inability to obtain credit. The verification can be in the form of a bank turn-down letter, and/or conditional commitment letters, or other documentation from the participating lender/financier acknowledging RLF participation in the project.

Q. Is the application process difficult?

A. No. The application process is not difficult. Rather, the process is similar to that of your bank and requires much of the same information, including, but not limited to: tax returns, a signed application, and description of the project.

Q. What are some of the benefits of using the RLF?

A. Some of the benefits include: ● A fixed low interest rate for the term of the loan ● The RLF is able to take a subordinate lien position ● Minimizing your banks risk in the project

INDIANA COUNTY Office of Planning & Development 801 Water Street Indiana, PA 15701 724.465.3870

Revolving Loan Fund

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