Loans for Businesses, Business Financing, Business Loans, Low Interest Loans for Businesses,
Vermont Business Financing,
Loans for Businesses in Vermont, Vermont Business Loans, Vermont Low Interest Loans for Businesses
Rutland Economic Development Corporation (REDC) is a non-profit, community-based organization whose mission is to encourage and enhance business success in Rutland County, Vermont. To help fulfill this mission, REDC provides fixed rate loans through its Revolving Loan Fund. REDC's Revolving Loan Fund provides loans for businesses of typically between $5,000 - $75,000. As business loans are repaid, they are reinvested by REDC in the form of new loans to other businesses.
The low interest loan rate for businesses is prime plus one percentage point with a floor of 5.5%. All rates are fixed for the term of the loan for the business. Terms will vary depending upon the type of financing and typically range from three to ten years (loans for buildings or land purchases may have longer terms). REDC funds are available to finance up to 75% of all project costs.
A non-refundable $100.00 application fee for the business loan is required. If the business loan is approved, a 1% commitment fee is required and closing costs may apply.