REVOLVING LOAN FUNDS TO THE RESCUE
The South Florida Regional Planning Council – Revolving Loan Funds program is offering small to medium-sized businesses in Broward, Miami-Dade and Monroe Counties reasonably priced credit. Whether you want to move to a new location, upgrade equipment or expand your services, the SFRPC-RLF is offering financial support to help grow your business and the local economy of South Florida.
- Loan Size
SFRPC-RLF offers loans between $25,000 and $500,000.
- Interest Rates
The interest rate will be determined by the perceived credit risk.
Existing businesses located in Broward, Miami-Dade, and Monroe Counties who are unable to obtain conventional financing. Funds cannot be used for acquisition of a business, business assets, or stock.
- Repayment Terms
Repayments will generally be made monthly; however, customized payment structures will be extended to borrowers depending upon their individual cash flow needs.
- Loan Terms
Generally, loans will be based upon the borrower’s needs, repayment ability, and amount financed.
Collateral pledged for each loan will depend upon the RLF loan amount, the overall credit risk, and the personal and business assets pledged as collateral. Personal guaranties by all parties with more than 20% ownership interest will be required.
- Leverage – RLF loans must leverage private investment of at least two dollars for every one dollar of such RLF loans
- Jobs – Number of jobs created/retained against amount loaned (Must be at least 1 job for every $20,000 loaned from the RLF)
Loans will be based upon the borrower’s needs, repayment ability, and what the borrower is financing.
An application can be obtained at SFRPC RLF application.
You must provide a completed business plan including business and personal financial statements, tax returns and appraisals for equipment, land and other business assets.