What is the REDC
Revolving Loan Fund?
Who Qualifies for REDC's Revolving Loan Funds?
What Can REDC's Revolving Loan Funds Be Used
For?
Rates & Terms
How Do I Apply?
When Are Applications Reviewed?
Contact Us
Other Frequently asked Questions
What is the REDC Revolving Loan
Fund?
The Rutland Economic Development Corporation (REDC) is a
nonprofit, community organization whose mission is to improve
the economic success of Rutland County. To help fulfill this
mission, REDC provides fixed rate loans through its County
Revolving Loan Fund.
REDC's Revolving Loan Fund provide small businesses with
loans between $5,000 - $75,000. As loans are repaid, they
are reinvested by REDC in the form of new loans to other businesses.
Who Qualifies for REDC's Revolving
Loan Funds?
Funds are available for both existing or startup businesses.
Our program is unique because we can finance businesses that
are having difficulty obtaining traditional financing due
to the unproven nature of their business, their small size
or unconventional product line. REDC works extensively with
local banks and financial institutions, often serving as the
"gap financing piece" to help meet the funding needs of area
businesses. Loans are available for a wide range of initiatives,
from working capital to installing new machinery or buying
land and/or buildings. REDC is an equal opportunity lender,
with funds available on a nondiscriminatory basis.
What Can REDC's Revolving Loan
Funds Be Used For?
- Purchase of land and buildings
- Machinery and equipment purchase
- Business Aquisitions
- Leasehold Improvements
- Pollution control and abatement
- Transportation services
- Startup costs, including feasibility studies
- Working capital
- Aquaculture
- Hospitality
- Commercial nurseries, forestry, livestock and poultry
processing, mushroom growing, and hydroponics.
Rates & Terms
Prevailing interest rates start at 5% and are established
depending upon the applicable loan program. All rates are
fixed for the term of the loan. Terms will vary depending
upon the type of financing and typically range from three
to five years (loans for buildings or land purchases may have
longer terms). REDC funds are available to finance up to 75%
of all project costs.
How Do I Apply?
Applications may be obtained by calling the REDC office
at (802) 773-9147 or on-line via PDF (Portable Document Format)
for which Adobe Acrobat Reader is needed. As with other lenders,
REDC's revolving loan fund requires the development of a sound
business plan clearly describing the business and the proposed
use of the new funds. The plan should address the industry
and its trends, the market, and the company's management and
operations. Historical financing information is required along
with projected operating results.
When Are Applications Reviewed?
Applications will be reviewed on the third Friday of
the month by a loan review committee comprised of members
of the REDC Financial Services Committee. Completed applications
must be received by REDC at least three weeks prior to
that day. A non-refundable application fee is required.
Contact: Marci Wheeler, REDC
Business Director
- Phone (802) 773-9147
- E-mail: mwheeler@rutlandeconomy.com
- You may also pick up an application at REDC's offices,
112 Quality Lane, Rutland.
Funding for REDC's Revolving Loan Fund has been made available
through a loan from the Rural Development branch of the Farmers
Home Administration.
