Revolving Loan Pool General Guidelines

  1. Job creation is a major goal of the pool. The loan to job ratio is up to a maximum of $15,000/job created and/or retained.
  2. That ratio is determined by the FCCRG on a case-by-case basis.
  3. The pool may finance between 15-25% of eligible project costs.
  4. The project owner will be required to invest a minimum of 10% of project costs as equity.
  5. Eligible project costs include the acquisition of real estate and/or capital equipment.
  6. Interest rates are determined solely by the FCCRG based upon the strength of the project, current market conditions and strength of the collateral offered.
  7. Terms will be flexible, but will mirror the economic life of the assets acquired with loan proceeds.

 

General Information Required from Applicants

1. History and description of the company and owner

This description should include identification of product and/or service produced, length of time in business, number of current employees, identification of all principals (including experience in industry), general sales levels for the past three years, and any additional information the applicant wishes to include.

 
2. Description of the project

The project description must include: identification of project, justification for the expansion, cost, identification of funding sources, and the estimated impact on current employment levels.

 The above information should be prepared and submitted prior to any meeting. After an initial meeting with FCCRG personnel, the company may be invited to submit an application for project financing. At that point, the normal review and approval process will be initiated. An invitation to submit a full application should not be construed as an acceptance or approval of the project.

 FCCRG’s loan fund policies prohibit us from providing grant funding for local projects.