Home | Revolving Loan Fund (RLF)

Revolving Loan Fund (RLF)

The Erie Basin Revolving Loan Fund was established in 1994 thanks to the efforts of council member Henry DeJulia and Erie Basin’s first coordinator Stan Stuery. Little did they realize at that time some 26 years ago that this program would grow to the extent it has. This program was started to help local businesses and create jobs in the area. Seven loans closed in 2019, for $271,294 gap financing to create 33 jobs in Ashland, Huron and Erie counties. We have received USDA Rural Business Enterprise Grants totaling $1,078,898. We have loaned all those funds plus repaid funds of $1,661,791 for a total of $2,740,689 to 88 borrowers. Over the years the revolving loan fund has created 266 jobs in our 10 county area.

In addition to the revolving loan fund (RLF) Erie Basin also makes loans for downtown revitalization and renewable energy. Unlike the RLF program these two do not require job creation.

Many thanks to the Revolving Loan Fund Committee for the effort and time they committed to the program this year. They have the task of reviewing all of the applications to determine if the borrower is capable of repaying the loan. They also determine the length and interest rate of the loan. In addition to new loan decisions, the committee is involved through out the year making decisions on existing loans. The RLF Committee is a great help to the office staff.

The RLF Committee members for 2019 were Gary Bauer, Ron House, Don Schilling, Kurt Heyman and Jim Sass.

They are eager to approve financial assistance for purposes that result in private sector job creation and contribute to the development or stabilization of natural resources. Or in the case of the Downtown Revitalization Program, assist to improve the downtowns in our 10 county area communities.

Erie Basin RC&D RLF loans are of three types to credit worthy applicants as determined by our RLF Committee:

Natural Resource Based and/or Small Business/Recycling loans/Recreation

Individuals, Partnerships, or Corporations

Areas of less than 50,000 population

Individual liability required / fixed rate / 5 to 7 years

$15,000 per job created or retained

Purchase of Equipment only/secured by equipment/ (optional R.E.)

 

Downtown Revitalization loans in Communities of less than 25,000 population:

Assisting small downtown businesses to improve a building for occupancy – secured by equipment only / optional real estate = R.E.

Can include heating, air conditioning, insulation, roofing, etc.

Individual liability required / fixed rate / up to 7 years

Up to $15,000 can be provided

Downtown Revitalization

Renewable Energy Loans to help Farms and Rural Businesses to be more energy efficient through renewable energy sources – geothermal, solar, and wind

Individuals, Partnerships, or Corporations

Areas of less than 50,000 population

Individual liability required / fixed rate / 7 to 10 years

Up to $25,000 can be lent

Secured by equipment only (unless a R.E. lien is needed)

Renewable Energy

If you are interested in applying for a loan please download our RLF brochure for more information.

RLF Brochure

You can also download, fill out and return the RLF application below!

RLF Application