The
DEBCO Revolving Loan Fund was established to foster the creation of low and moderate income jobs by providing access to capital for small businesses in DeKalb County. The fund seeks to assist the expansion of existing small businesses and to increase the tax base for DeKalb County. Any business located in, moving to, or expanding within DeKalb County, Georgia may be eligible. Priority consideration will be given to borrowers located in, moving to or expanding within the Revitalization Corridors of Candler Road, Memorial Drive and Buford Highway. The revolving loan fund provides intermediate to long-term financing to for-profit businesses in the designated area that can show adequate financial information and provide goods and services for sale or for a fee.
Eligible Uses
* Machinery and equipment purchases
* Real estate acquisition, construction, renovation, or rehabilitation
* Leasehold (tenant) improvements
* Purchase existing business
* Working capital for purchase of inventory only (limited to 50% of total loan)
* Direct expenses including: architectural design, engineering, environmental testing, legal fees and financial/technical assistance.
Loan Amounts
Minimum $10,000
Maximum* $50,000
* At least 50% of project cost must be funded privately and the RLF portion may not exceed $50,000
Financing Provisions
Loan Terms
Negotiable, with a maximum term of ten years depending upon use of proceeds.
Interest Rates
Negotiable, as determined by project needs, with a minimum rate of 5% and a maximum rate that's below market.
Collateral
Sufficient collateral will be required and may include real estate (business and personal), equipment and inventory.
Private Funding
50% of the total project cost must be funded privately, either through a private lender or equity.
Fees
A one-time processing fee of 1% of the loan amount requested or $250, whichever is greater.
Who May Apply?
* Small business, as defined by the U.S. Small Business Administration.
* For-profit corporations, partnerships, sole proprietorships.
* Businesses operating in specified areas.
* Borrower or majority of corporation shareholders must be U.S. citizen or have Permanent Residence Status.
* For every $25,000 of loan proceeds, one job must be created or retained for low to moderate income individuals, OR business must provide substantial public or area benefit.
All interested DeKalb County business owners are encouraged to contact DEBCO to see if your business may qualify for the Revolving Loan Fund.
Eligibility
* Any small for-profit business borrower (existing or start-up) located in or moving to DeKalb County.
* Priority consideration is give to applicants located within the Revitalization Corridors of Candler Road, Memorial Drive and Buford Highway
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