The Baton Rouge region chamber and national non-profit community development financial institution TruFund today announced a $ 1.1 million revolving loan fund available to regional businesses to access loans of up to $ 250,000 for working capital, contract finance, inventory , marketing and business development.
The RFL will primarily focus on businesses most vulnerable to the COVID-19 pandemic, particularly those with 50 or fewer employees and sales of less than $ 3 million.
The RFL is initially funded by a three-year grant from the US Economic Development Administration to provide short- and long-term funding. The loans will have terms ranging from six to 60 months with interest rates between 0 and 10% depending on the loan product. RFLs are automatically replenished, with interest and principal payments on old loans used to issue new ones.
The Capital Region RFL is the state’s first TruFund. In addition to BRAC, several regional non-profit and community organizations are partners of RLF, including the Ascension Economic Development Corporation, BUILD Baton Rouge and the Capital Region Planning Commission.
Small businesses interested in applying for a loan through RFL can get more information here.