Revolving Loan Fund Program
The Revolving Loan Fund program was developed to provide financial incentives to business and building owners for the economic revitalization of the Town of Floyd. Other highlights of the Loan Fund include:
- Available to existing or new commercial businesses that locate or expand within the Town of Floyd
- The program is administered by the Town of Floyd through the Revolving Loan Fund Advisory Board
- The Advisory Board, consisting of local citizens and officials, will manage and recommend approval to the Town Council of all loans.
- The program is open to business and building owners in the Town of Floyd
- A minimum of $5,000 at 3% can be borrowed for each business or building owner
- The loan has a ten year term, payable in monthly installments
- The borrower must have an equity interest in the building or the business
- All loans must be secured by adequate marketable collateral
- The maximum loan amount is $50,000 for each business.
- Allowable uses for the loan include: building and land acquisition, leasehold and site improvements, new construction and rehabilitation costs, purchase of fixtures, machinery and equipment and associated installation costs
- Applicants are responsible for all application, closing and settlement fees
- No discrimination will be allowed with regard to any applicant including, but not limited to, race, ethnicity, color, national origin, ancestry, gender, sexual orientation, religion, age, socioeconomic status, marital status, language, disability, or immigration status.
- Easy application process: Complete application, present business plan, credit report and other requested information to the Advisory Board for consideration.