Qualifications
LCCDC’s Revolving Loan Fund are based upon several criteria:
- Is there a need for gap financing, or an inability to obtain loan funding from traditional lending institutions?
- Business management expertise and experience – what is the overall character and background of the applicant?
- Can the loan be secured through asset-based lending?
- Is the loan applicant able to provide matching funds from other sources, including traditional lending institutions, Tribal credit, other micro-lending programs, Small Business Administration financing, and personal and corporate capital?
- Is there company growth potential and a resultant community impact?
- How does the loan applicant show commitment to hiring, training, and expanding jobs in the local community?
Application
Small business owners and entrepreneurs who are interested in applying for revolving loan funding through Lake County Community Development Corporation will need to submit an application. Please contact Lake County Community Development Corporation for more information regarding our application process.
Uses
Awarded loan funding may be used for the following:
- Acquiring, constructing, rehabilitating, or installing commercial facilities
- Achieving expansion or modernization through purchase of equipment, inventory, upgraded signage, building repairs, and other working capital needs
- Employee training when such training will directly result in increased production and provide opportunities for low to moderate income persons to advance themselves
- Business refinancing in limited situations
