A Revolving Loan Fund (RLF) provides small businesses and entrepreneurs with gap financing to start or expand a business. The fund is typically a self-replenishing pool of money, that uses interest and principal payments from older loans to issue new ones.
There are several RLF’s available in the region, which are categorized by Planning District Commission below.
Cumberland Plateau Planning District Commission
The Cumberland Plateau Planning District Commission offers a revolving loan program to assist plant expansions and new job creation by offering financing which may be subordinated to conventional bank financing for the Virginia counties of Buchanan, Dickenson, Russell and Tazewell.
The IDA Revolving Loan Fund is a loan program designed to provide micro-loans for the purpose of supporting the local entrepreneur of Dickenson County to accomplish a specific project and help increase the local tax base.
LENOWISCO Planning District Commission
The Scott County Economic Development Authority offers loans up to $25,000 to entrepreneurs and small businesses in Scott County.
Mount Rogers Planning District Commission
The Joint Industrial Development Authority’s Revolving Loan Fund (RLF) is designed to provide “gap” financing for small and emerging businesses in Wythe County in order to foster a healthy local economy. Businesses throughout Wythe County and the towns of Rural Retreat and Wytheville are eligible to apply.
New River Valley Regional Commission
The NRV Development Corporation Revolving Loan Fund can be used to finance expansions, capital purchases, or startup costs. These funds, typically in the $10,000- $25,000 range, are offered at low interest rates which enable young and growing businesses to get funds that might not otherwise be available. Floyd County Financing Resources for New Businesses.