The objective of the Revolving Loan Fund (RLF) program is to provide
small businesses with financing in rural communities that cannot be found through other traditional lending sources. This financing will help to provide long-term economic growth through job creation and retention.
RLF interest rates are determined by several factors such as loan purpose, loan duration, and financial strength of the business.
LOAN AMOUNT
Eligible loans range from $50,000 up to $750,000. In most cases, we partner with a bank that typically provides 50% of the financing. The borrower contributes between 10-20% and PAC funds the remaining percentage.
BORROWERS
Eligible borrowers are usually small businesses seeking to expand or retain their employee base and fit the SBA small business criteria of size. Non-profit companies and public entities are eligible under several of our RLF loan programs.
ELIGIBILITY
Eligible projects include commercial real estate, new construction, partner buyouts, renovation or expansion, machinery, equipment and fixtures, inventory, and receivables, along with some working capital.
COLLATERAL
All RLF loans require sufficient collateral coverage for the amount of the loan and may include any acceptable tangible business asset, as well as company and personal guarantees.
LOAN AMOUNT
Eligible loans range from $50,000 up to $750,000. In most cases, we partner with a bank that typically provides 50% of the financing. The borrower contributes between 10-20% and PAC funds the remaining percentage.
BORROWERS
Eligible borrowers are usually small businesses seeking to expand or retain their employee base and fit the SBA small business criteria of size. Non-profit companies and public entities are eligible under several of our RLF loan programs.
ELIGIBILITY
Eligible projects include commercial real estate, new construction, partner buyouts, renovation or expansion, machinery, equipment and fixtures, inventory, and receivables, along with some working capital.
COLLATERAL
All RLF loans require sufficient collateral coverage for the amount of the loan and may include any acceptable tangible business asset, as well as company and personal guarantees.
The RLF loan program has similar purposes and eligibility requirements as the 504 program. The primary difference between the RLF and 504 program is that the loan goes through our internal board for review and final approval and does not advance to SBA
Our internal review of the loan can take anywhere from 2-4 weeks from the time that we get a full application. After that, the loan will be reviewed by our board which takes about a week. This timeline is dependent on several different factors and can vary.
Similar to the 504 program- the revolving loan fund is primarily used for fixed asset lending but can also be used for business purchases and other collateralized financing.
Most of our RLF loans are made by partnering with a bank partner (like in the case of an SBA 504 loan). PAC’s portion typically ranges from $50,000-$750,000.