Indiana County Revolving Loan Fund (RLF)
The Indiana County Commissioners made enhancements to the Indiana County RLF program, making working capital available at low interest rates.
Due to COVID-19, the RLF application process has been streamlined with lower fees, modified collateral requirements, and flexible terms. Businesses may contact the CEO with questions or to request an RLF application.
Businesses are also encouraged to contact the CEO to discuss any building, equipment or working capital projects.
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.
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.
Borrowers shall commit to retaining existing jobs.
Loan Closing Fees
$250 loan closing fee plus attorney and filing fees.
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.
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.
Any questions regarding eligibility or to request an application should be directed to: