Spotlight: EDA’s Revolving Loan Program: Supporting Small Businesses
March 2017 Newsletter
Today, there are 520 EDA-funded Revolving Loan Funds (RLFs) operating nationwide with a total of $267 million available for lending at below-market interest rates to small businesses that are unable to borrow from commercial banks.
These RLFs have made more than 37,500 loans to American small businesses and have leveraged more than $16 billion non-RLF dollars. RLF recipients report that the program has contributed to creating or retaining more than 662,000 jobs.
EDA’s Regional Offices provide competitive grants through the agency’s Economic Adjustment Assistance (EAA) Program to fund the creation of RLFs in eligible communities as well as to increase the amount of funds available for lending in existing RLFs.
The RLF makes loans to small businesses in its service area and continues to “revolve” (re-lend) RLF funds as loans are paid back.
You can learn if there is an RLF near you by visiting our RLF page.
Here are some examples of how EDA-funded RLFs are helping small businesses across the country:
- Beachy Cream Organic Ice Cream, Santa Monica, California
- Geonetric, Cedar Rapids, Iowa
- Hardware Hank, Ortonville, Minnesota
- Innovative Senior Solutions, Cordele, Georgia
- Kreinik Manufacturing Company, Parkersburg, West Virginia
- Trinity Hotel, Carlsbad, New Mexico
- The River Valley Regional Commission Revolving Loan Fund, Georgia