Apply for a Revolving Loan Fund (RLF) from the Greater Development County Development Alliance. Benefit from flexible and favorable terms and help create a healthier local economy.
Get Partial Financing for Your Project
While the loan amount varies depending on your project needs, in general, RLF funds should not provide more than 35% of the financing, up to a maximum of $250,000. The maximum loan amount may be exceeded, however, if required by law or administrative code for specific projects.
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Criteria
- Have the project located within Dallas County.
- Demonstrate that the Revolving Loan Funds are necessary for the proposed project.
- Create or retain a minimum number of permanent jobs for the amount of loan funds requested.
- Provide private equity evidence.
- Prove the project’s feasibility and your business’s ability to continue without ongoing assistance.
- Minimize negative impacts on other companies and the environment.
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Approved? Now What?
Once you apply, if your project is eligible for funds, the following items (if applicable) will be requested from your business with submission of the full application:
- Application processing fee of 1.50% of the total amount requested
- Business plan
- Marketing plan
- Financial statements (income statement and balance sheets)—actual for the preceding 3 years (existing business)
- Financial statements (income statement and balance sheets)—projected for the succeeding 1 year (new and existing business)
- Letters of Commitment of Funds from banks including rates and the terms of the loans
- Copy of existing or proposed lease and/or purchase agreements or other financing arrangements
- Independent appraisal on real property being acquired, or if being constructed, an appraisal that includes before construction value and after construction value
- Preliminary plans and specifications covering new construction
- Cost estimates for machinery and equipment
- Copy of franchise agreement if applicable
- Current personal financial statement for each owner, partner, and shareholders of 20% or more
- Copies of business and personal income tax returns for the preceding 3 years
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Payback Policy
Repayment of loans is typically made via equal payments over the term of the loan. The payment frequency can be monthly, semi-annually, or annually, with alternative schedules arranged if appropriate.
The first loan payment is usually due one month from closing. Interest rates may differ between projects and can be fixed or variable, depending on your project needs and conformance with the goals and priorities of Dallas County’s Revolving Loan Fund Program.
Loans must be secured by mortgages and liens against fixed assets, and other security, including personal guarantees, may be required. Loan agreements establish terms, including interest rates, loan duration, payment frequency, and penalties for late payment.
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