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Rural
Development Revolving Loan Fund 
The Rural Development Revolving Loan Fund Program
is a loan fund which was created by a grant from the United States Department of Agriculture. The funds are to be used to make businesses loans to entities located in Allen, Dekalb, Huntington, Lagrange, Noble, Steuben, Wells, and Whitely counties (City of Fort Wayne and New Haven excluded). The loans can be made to most businesses and be used for working capital, equipment and real estate acquisition.
You should know that:
· The business is eligible if it employs fewer than 50 people and has annual sales of less than $1,000,000.
· The CDC will not refinance existing debt.
· There is a $50 non-refundable application fee.
· The maximum amount loaned by the CDC is $20,000 with bank participation.
· The minimum loan amount is $5,000.
· The term of the loan is based on the economic life of the asset financed. Generally, this is 15 years for real estate, 5 to 7 years for machinery, and 3 to 5 years for working capital.
· The loan cannot be used to relocate a business from one labor area to another.
For more information on
the
Rural
Development Loan
Program
call us at 260/427-1127 or contact us
by e-mail at:
Community Development Corporation of Northeast Indiana
last
updated:
10/08/2004
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Community Development Corporation of Northeast Indiana