Carroll White REMC is making a significant impact in its community through its Revolving Loan Fund. The program, which is funded by the United States Department of Agriculture Rural Development, helps retain and create jobs, including community projects or infrastructure improvements.
“A Revolving Loan Fund is a pool of public and private sector funds that recycle money as loans are repaid, explained Carroll White REMC CEO Cathy Raderstorf. “Small rural businesses and startups are eligible for RLF loans.” Currently, $230,793.26 is available to loan to qualifying businesses and government entities in White, Carroll, Pulaski, Cass, Jasper, Tippecanoe and Benton counties.
Business ventures involved in community or economic development projects which promote job creation and/or provide services for rural areas can apply for a loan. Projects could include industrial and commercial development, small business expansion or start-up, business incubators, community infrastructure and facilities, medical facilities, training and educational facilities, and tourism projects. The RLF loans benefit from interest rates lower than those charged with conventional commercial loans. Applicants must have a completed business plan and have a minimum of 20% funding from other sources.
As the RLF administrator, Carroll White REMC created a Loan Review Committee to vet qualified applications. The REMC’s board of directors makes final decisions. To learn more about the RLF, interested businesses should contact Raderstorf by phone at 800-844-7161 or by email at firstname.lastname@example.org.