Revolving Loan Fund
Helping small businesses take care of business. The Fairfield County Revolving Loan Fund (RLF) provides gap financing and low-interest loans to small and medium-size businesses in Fairfield County, helping them retain employees and create new jobs.
Apply
Original RLF: Loan application (PDF) · Program overview (PDF)
Program terms
- Eligible borrowers
- Private for-profit and non-profit businesses, startups or expansions, located in Fairfield County with fewer than 200 employees.
- Use of proceeds
- Acquisition of buildings, machinery, equipment and other fixed assets; limited working capital; construction, repair and renovation of facilities. Prevailing wage applies to all construction activities.
- Rate
- 0–6%, as determined by the Loan Review Committee. Rates are fixed.
- Term
- Useful life of machinery and equipment; up to 20 years for real estate; 5 years for limited-use working capital.
- Collateral
- Collateral value should be sufficient to cover the private lender financing and the RLF financing. If necessary, the RLF may request additional collateral.
- Participation
- Startups provide a minimum owner equity contribution of 10% of project cost. Businesses operating more than two years are subject to a 5% equity requirement.
- Job requirement
- One full-time equivalent job must be created or retained for every $25,000 of Revolving Loan Fund financing.
Testimonials
The Fairfield County Revolving Loan Fund has been essential in our business development. Integral in providing much needed financing for our business startup 4 years ago and now a vital resource in our growth, and the RLF committee has been nothing but supportive in helping us reach our goals as a company.
We are grateful for the Fairfield County Revolving Loan Fund. This program helped subsidize the purchase of our new location offering us a lower interest loan and less cash out of pocket than a conventional bank loan and helped us secure the property and keep cash available for other startup costs. I would encourage others to look to Fairfield County as a place to start their new business and take advantage of the programs available.