Indiana County Revolving Loan Fund (RLF)


The Indiana County Commissioners made a number of variances to the existing RLF program to better pivot towards serving those impacted by COVID-19.  

Some of the variances include a streamlined application process, modified collateral requirements and lower fees.  Businesses may contact the office with questions or to request an RLF application.

Businesses not affected by COVID-19 may still contact the office to discuss their project and ask about available programs.


LENDING CRITERIA

Loan Amount and Matching Investment
100% financing equal to three months working capital needs, up to $50,000 per borrower, as determined using the formula:  Twelve months of working capital expenses, divided by twelve, and then multiplied by three.  This amount shall be the amount of the borrower’s loan request. The loan amount will be verified using the financial statements, and/or federal tax returns of the business.  A matching amount is not required but encouraged when possible.

Eligible Costs
Working capital, such as for payroll, fringe benefits, utilities, and rent.

Interest Rates and Terms
The interest rate will be 2.5% fixed for 3 years with an option of 3-months of interest only payments, or an alternative option of 2.75% fixed for 4 years with an option for 3-months of interest only payments.

Jobs
Borrowers shall commit to retaining existing jobs.

Loan Closing Fees
$250 loan closing fee plus attorney and filing fees.

Collateral
The loan shall be secured by a blanket UCC-1 security interest on all business assets currently owned or acquired in the future at the highest lien position available.

Guarantees
The loan shall be guaranteed by any individual or entity with a 20% or greater ownership interest in the eligible business.

Debt Service Requirement
The overall debt service coverage ratio needs to be at least 1:1 or greater.

Contact Information
Any questions regarding eligibility or to request an application should be directed to:
Phone:  724-465-2662
Email: info@indianacountyceo.com

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