Revolving Loan Fund

EDA Revolving Loan Fund

The Economic Development Administration's Revolving Loan Fund (RLF) Program is designed to promote new lending activity for local economic development initiatives. These funds are allocated to various not-for-profit corporations throughout the state, and are reloaned as initial borrowers repay their debt. RLF projects target small business job creation and development, and job retention.

An RLF enhances the local capacity to invest in community-identified small businesses that create jobs. Since 1976, when the RLF program was implemented, EDA has provided initial capital for over 480 local RLFs. These locally administered funds have made numerous loans to private businesses and have leveraged more than $1.9 billion in private capital. Upon repayment, principal and interest stay in the community for, re-lending and further economic development activity.

The Eastern Carolina Council (ECC) has received funding from EDA to create a Revolving Loan Fund. ECC administers a $1,154,000 EDA RLF fund. This RLF program provides loans to businesses of $35,000 up to $150,000 with terms of up to 20 years. To find out more about an EDA RLF loan contact ECC Executive Director Larry Moolenaar at lmoolenaar@eccog.org or 252.638.3185 x 3004.