Revolving Loan Fund
The Carroll White REMC Revolving Loan Fund’s purpose is to assist in the retention and creation of jobs that significantly benefit rural areas, including community projects or infrastructure improvements that enhance the ability of rural communities to attract business and industry. Eligible projects can include any business venture involved in community or economic development project that promotes job creation and/or provides needed community services that benefit rural areas. The types of projects may include industrial and commercial development, small business expansion or start-up, business incubators, community infrastructure and facilities, medical facilities, training and educational facilities, and tourism projects.
For more information about the fund, please download the brochure by clicking here
To download the Revolving Loan Fund Application click here.
SBA 504 Loan Program
The Regional Development Company (RDC) is certified to administer the SBA 504 Loan Program throughout the State of Indiana. The 504 Loan Partnership blends private capital, bank financing and government bonds to provide long-term, fixed asset financing to eligible healthy, expanding and creditworthy businesses.
How the 504 Partnership works. Your bank typically finances 50% of the total project cost. The bank's loan is secured by a first mortgage and/or first lien on the project assets. The RDC provides up to 40% of the financing through the sale of an SBA guaranteed debenture in the private bond market. Your business provides at least 10% equity from the business or its principals.
Benefits of a SBA 504 Loan
- Down Payment as low as 10% preserves your working capital.
- Guaranteed fixed interest rate, which historically is below conventional rates.
- Long-term loan, 10 years for equipment and 20 years for real estate, better matches the debt service to your cash flow.
- Creates jobs and increases tax base in project communities.