Revolving Loan Fund
|The City of Kokomo offers three Revolving Loan Fund Programs, aimed at revitalizing the Kokomo community by providing flexible, low-interest financing to new and expanding businesses.
Applicants may borrow to:
If you are a business owner interested in the Revolving Loan Funds, please contact the Department of Development at firstname.lastname@example.org or 765-456-7375.
The EDA CARES Act Recovery Assistance Revolving Loan Fund Program provides low interest financing to small businesses, business start-ups, and growing businesses in the manufacturing, industrial, service and high-tech sectors. To effectively respond to the economic injury caused by the COVID-19 pandemic, this RLF fund will have an additional emphasis on quick and efficient disbursement to hard-hit local businesses (time is of the essence). In addition to businesses looking to locate or expand in Kokomo, this award has a particular emphasis on Job Retention and Working Capital allocations. Project goals should include the creation or retention of one full-time job for each $20,000 loaned. Loan amounts typically range from $50,000 to $300,000.
The Technology and Industry Revolving Loan Fund Program provides gap financing to primary-sector employers, including research and development facilities, engineering firms, logistics companies, manufacturing and industrial facilities, service-sector companies, high-tech entrepreneurial endeavors, life sciences initiatives and others. Past recipients have included a wide range of businesses, from distribution companies to software firms, and from steel fabrication plants to screen-printing shops.
The program is designed for businesses that would like to locate or expand in Kokomo, but have difficulty receiving the full amount needed through conventional lenders. Interest rates on RLF loans are set as low as four points below prime. Project goals should include the creation or retention of one full-time job for each $10,000 loaned. Loan amounts typically range from $50,000 to $300,000.
The Emerging Business Revolving Loan Fund Program is targeted toward new and emerging businesses, defined as businesses with 50 or fewer employees, and less than $1 million in expected annual gross revenue.
The program is designed for businesses that are unable to receive the full amount needed through conventional lenders. If a business is unable to obtain any financing through conventional lenders, the Emerging Business Revolving Loan Fund Program may provide all funding for the project under some circumstances. Project goals should include creation and expansion of new business, as well as job retention and creation. Loan amounts typically range from $2,000 to $15,000.
RLF Program Comparison