The SCEDBF Revolving Loan Fund
will provide affordable loans to businesses that might not qualify for conventional financing to support their recovery and expansion plans.
An additional $12 million was appropriated by Congress in 1998 from supplemental Community Development Block Grant funds, of which $6 million was used to partially capitalize the revolving loan fund
. The new fund was also capitalized with two Economic Development Initiative grants totaling $2.4 million.
"This new revolving loan fund
from the Metropolitan Economic Revitalization Fund will help more small business owners and MWBEs from economically distressed areas get access to capital, a vital tool for economic success," Howard Zemsky, CEO of ESD, said in the statement.
"The revolving loan fund
offers assistance to create more opportunities for companies and our community."
In its first quarter of running Salt Lake County's Economic Development Revolving Loan Fund
(EDRLF), VentureCapital.org has awarded USD 1m in total in higher-interest loans to three high-growth, high-tech companies with operations in the county, the organization said.
"The Marlborough revolving loan fund
was critical for me as a start-up business owner," said Justin Sheridan, owner of Marlborough-based electrical engineering services company Mass Signal Service, which is the RLF's first beneficiary.
The EPA's Revolving Loan Fund
helps address funding gaps for cleanup of contaminated properties and has helped to fund other projects in Gardner including the remediation of the Gardner Police Station and a project at 140 Main St.
Low-income credit unions are often the only insured financial services available to their members, and grants from NCUA's Revolving Loan Fund
help these institutions to expand services and provide the capital that is the lifeblood of local economies, the agency said.
The county has partnered with Lane Council of Governments, which will administer the revolving loan fund
, Levis said.
Since the beginning of EPA's Brownfields Program, in New England alone EPA has awarded 296 assessment grants totaling $72.7 million, 62 revolving loan fund
grants and supplemental funding totaling $68.4 million and 213 cleanup grants totaling $47 million.
Originally funded by the President's Office at $1.5 million, the now $12 million revolving loan fund
provides capital to Harvard for high performance campus design, operations, and maintenance projects.
Amman, July 18 (Petra)--The Noor Al-Hussein Foundation signed on Monday an agreement with the Al Azraq Multi Purpose Community Cooperative to transfer the management and operation of its revolving loan fund
to the local community.