Revolving Loan Fund Guides


Maximum
Loan
  • Loan programs will finance up to 50% of total eligible project costs or $400,000, whichever is less
Eligible Uses
  • Land acquisition, preparation and associated expenses
  • Building acquisition, construction or renovation
  • Machinery and equipment purchases (new or used) and related expenses
  • Working capital
Terms
  • Land & Building- up to 15 years
  • Machinery & Equipment- up to 10 years
  • Working Capital- 3 years (maximum $75,000)
Rates
  • Revolving loan fund financing is available to eligible small businesses with interest rates starting at 2.75% fixed for the term of the loan. Rates may change based on the prime rate of interest 
Collateral
  • Loans are secured by lien positions on collateral at the highest level of priority to accommodate the borrower's ability to raise debt and equity capital
  • Generally personal guarantees and assignment of life insurance are required on principals
Jobs
  • The creation or retention of one full-time job per every $25,000 or $50,000 in borrowed funds (dependent on loan funding source)
Fees
  • $450 fee is due with the executed commitment letter
  • At closing, borrower must pay a closing fee equal to 1% of the loan
  • The commitment and closing fee share not exceed 2% of the loan 
  • No prepayment penalty on Northwest Commission Revolving Loan Funds
Additional documentation is needed to apply.  Click here to download the PDF