Economic Development

The RLF Program is for fixed asset and/or working capital projects. Projects range from $50,000 to $500,000+.

Location: EDA eligible areas include the Cities of Colonial Heights, Emporia, Hopewell and Petersburg, and the Counties of Charles City, Dinwiddie, Greensville, Prince George, Surry and Sussex

Applicants: For-profit commercial, service, manufacturing and distribution business.

Uses: Fixed assets and working capital

Structure: Direct, subordinated loans up to $250,000. Bank funds 40 to 70%, usually 50%, and RLF provides up to 50%, usually 40%, minimum equity of 10%

Term: Up to 20 years based on useful life of assets, generally match bank’s term.

Rate: 4% – Prime or higher, 5 year adjustable

Collateral: Second lien on assets being financed, guarantees

Other: EEO, non-relocation, federal prevailing wage required for construction projects

Application fee: $200 non-refundable fee due with application

Closing costs: 1 1/2% loan fee, applicant responsible for closing costs; $2,500 average for WC and M&E, $4,500 for RE.

Application Instructions
Application Form
Personal Resume Form