Budget & Finance

Revolving Loan Program

The Revolving Loan Fund program provides low interest loans, equity capital, and selected grants for proposed projects that will help business and industry locate, maintain and /or expand existing operations and thereby advance the community’s economic development goals and objectives. The Revolving Loan Fund is intended to provide a financial incentive for business and industry to invest in their own growth potential by providing the necessary leverage money. The Revolving Loan fund money, therefore, is meant to serve as a secondary role to private capital sources in completing the necessary financing for the proposed projects.

Briefly, low interest loans are the mortgage and/or installment type requiring fixed payback at predetermined intervals. These loans will be similar to a traditional bank loan, except the interest rate will be lower than those available at most lending institutions.

Equity capital consists of direct investment by the City into the business, making the City part owner of the business. Payments made to the City are then based solely on the profitability of the business. When financially feasible, the business will acquire the City’s share of the ownership.

Grants will be made for the purpose of removing public facility constraints to development. Utility extensions and/or improvements are the most common type of project grants.

The following links will provide you with downloadable .pdf documents, including applications, you may print.

Loan Application

Loan Application Procedure