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    Indiana County Revolving Loan Fund (RLF) - CLICK HERE FOR DETAILS

    10/19/2020
    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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