Revolving Loan Funds

The ACEDC offers Gap financing for portions of projects required to complement conventional financing resources through the administrating of three revolving loan funds. This funding provides only the amount necessary, in the form of a loan at favorable rates and fixed terms, to induce other financial institutions to complete the financing package.

All three RLFs encourage the expansion and stability of Athens’ economic base by encouraging increased employment opportunities for low/moderate-income residents and encouraging the establishment of locally owned businesses.

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Athens City and County Revolving Loan Funds

All private, for-profit businesses and industries located in Athens are encourage to apply.  The objectives of the revolving loan funds include:

  1. Stabilize and diversify the economy by providing capital for start-up and expansion of business/industries located in Athens.
  2. Assist with small business development.
  3. Encourage the redevelopment of blighted and/or vacant land or facilities for productive business or industrial use.
  4. Coordinate with other local and regional economic development organizations to the greatest extent possible.

 

Eligible Projects

  • Fixed assets, including land
  • Buildings and facilities
  • Machinery and equipment
  • Infrastructure development
  • Demolition and site preparation
  • Working Capital

Eligible Businesses

  • New or expanding business
  • Owned locally or outside the, as long as facility is located within the City of Athens or Athens County.
  • Traditional or new technology

*Ineligible projects include: refinancing of existing debt, rolling stock, non-capital equipment, training costs and inventory

Program Requirements

Program requirements for both the city and county RLFs are the same and require:

  • 15% of the project’s fixed asset cost must be privately financed
  • Project must create/retain one full-time permanent job for each $25,000 of RLF program investment
  • 5% equity injection requirement
  • Maximum program participation cannot be more than 50% of the project cost up to $500,000.

 

 

Athens Small Business Micro Revolving Loan Fund

The ACEDC also offers a Micro Revolving Loan Fund that provides funding in the form of small loan amounts ranging from $10,000-$50,000 at favorable rates and fixed terms to assist rural business development in Athens County. Program objectives are to:

  1. Stabilize and diversify the economy by providing capital for start-up and expansion of business/industries located in Athens.
  2. Assist with small business development.
  3. Encourage the redevelopment of blighted and/or vacant land or facilities for productive business or industrial use.

 

Eligible Projects

  • Fixed assets, including land
  • Buildings and facilities
  • Machinery and equipment
  • Infrastructure investment directly related to business/industry development
  • Working Capital

Eligible Businesses

  • New or expanding businesses
  • Owned locally or outside, as long as the facility is located within Athens County.
  • Traditional or new technology
  • Start-up companies

*Ineligible projects include: refinancing of existing debt, non-capital equipment, training costs and inventory

Program Requirements

  • Loan amount cannot exceed $50,000
  • 5% in cash/equity toward project’s fixed asset cost