At their November 3rd meeting, the Board of County Commissioners of Kent County approved the Revolving Loan Fund (RLF) Eligibility and Application Guidelines. After a five year hiatus, the RLF was re-established with the adoption of the FY2016 budget. The Commissioners allocated $200,000 and partnered with the Eastern Shore Entrepreneurial Center (ESEC) for a match of $200,000, creating a pool of $400,000 available to local businesses.
The RLF provides loan amounts of $10,000 to $50,000 with interest rates at or below current market rates to new or established businesses in Kent County. Terms of the loans are five to seven years. Business owners may use the loans for a variety of purposes including business and/or real estate acquisition, building improvements, equipment purchases, start-up costs and short term operating capital. The Eastern Shore Entrepreneurship Center (ESEC) services and monitors the loans.
SCORE Upper Shore Chapter 670 provides assistance to business owners in preparing RLF application forms and documentation. For more information visit the Kent County Economic Development website at: www.kentcounty.com/business
Jamie Williams says
Thanks for sharing!!