hrough the Revolving Loan Fund (RLF), the Economic Development Center (EDC) of St. Charles County has the ability to provide direct, low interest, subordinated loans for working capital, machinery and equipment, accounts receivables and inventory to qualifying businesses in
St. Charles County.
The RLF program provides short-term loans (up to 5 years) to qualifying small businesses that cannot obtain financing from conventional lending sources.
RLF eligibility requirements include:
- Business must be physically located in St. Charles County
- Business must be licensed to do business in the community
- Existing or start-up businesses
- Business reflects growth potential
- Loan amounts range from $5,000 to $25,000
- Loan can be used in conjunction with a primary lender. RLF loan would be in a subordinated position
- Loan can be a direct loan if loan applicant has been previously denied credit for the loan request under consideration
There must be a least one full-time job created/retained for every $10,000 of RLF funds. RLF loans will be collateralized to the fullest extent possible and require the personal guaranty of the principles. All guarantors are required to authorize the EDC to obtain a personal credit score.