Program Overview / Location
The Manufacturing Revolving Loan Fund Program (MRLF) is designed to assist manufacturers by providing access to capital for the development, expansion, and retention of manufacturers and job creation.
Who may apply?
Local small- and medium-sized manufacturers located in the unincorporated areas of the County may be eligible.
How may funds be used?
Loans ranging from $250,000 to $500,000 may be used for land acquisition, construction or renovation of real estate, inventory, working capital, machinery and equipment, leasehold improvements and debt refinancing. Under special circumstances, businesses with a minimum of two (2) years in operation may apply for a maximum loan of $100,000.
Security / Collateral / Guarantor(s)
Loans may be secured with the following types of collateral: real property, machinery, equipment, inventory, accounts receivable, securities and personal guarantees.
Terms of Loan
Below market interest rate fixed at 3%
Terms are five (5) to seven (7) years for working capital, ten (10) years for equipment, and 20 years for real estate.
Maximum loan fee is one point.
Job creation requirement is one (1) job for every $100,000 borrowed. Firms will be required to provide ongoing, semi-annual job creation documentation.