How do you become a member of REDC?
Whatâs the REDC Revolving Loan Fund?
Who qualifies for REDCâs Revolving Loan Funds?
What can REDCâs Revolving Loan Funds be used
for?
What about lines of credit or refinancing?
What are the rates and terms of REDCâs Revolving
Loan Funds?
What counseling services are available?
When are applications reviewed?
How do I apply for REDCâs Revolving Loan
Funds?
What other services are offered by REDC?
How can I obtain additional information?
When and how was REDCâs Revolving Loan Fund
started?
How big is REDCâs Revolving Loan Fund and
how much has REDC loaned?
Who are some businesses that have been
assisted through REDC?
Q: How do you become a member of
REDC?
Membership applications are available on-line
and can also be obtained through our office at 112
Quality Lane, Rutland, or by calling us at 802-773-9147.
Q: Whatâs the REDC Revolving Loan
Fund?
The Rutland Economic Development Corporation (REDC)
is a non-profit, community- based organization whose
mission is to improve the economic success of Rutland
County. To help fulfill this mission, REDC provides
fixed rate loans through its Revolving Loan Funds.
REDC's Revolving Loan Funds provide small businesses
with loans of between $5,000 - $75,000. As loans are
repaid, they are reinvested by REDC in the form of new
loans to other businesses.
Q: Who qualifies for REDCâs Revolving
Loan Funds?
Funds are available for both existing or start-up
businesses. Our program is unique because we can finance
businesses that are having difficulty obtaining traditional
financing due to the unproven nature of their business,
their small size or unconventional product line.
REDC works extensively with local banks and financial
institutions, often serving as the "gap financing piece"
to help meet the unmet funding needs of area businesses.
Loans are available for a wide range of initiatives,
from working capital to installing new machinery or
buying land and/or buildings. REDC is an equal opportunity
lender, with funds available on a non-discriminatory
basis.
Q: What can REDCâs Revolving Loan
Funds be used for?
Eligible loan purposes include:
* The purchase of land and buildings
* Machinery and equipment purchase
* Pollution control and abatement
* Transportation services
* Start-up costs, including feasibility
studies
* Working capital
* Aquaculture
* Commercial nurseries,forestry,
livestock and poultry processing, mushroom growing,
and hydroponics.
Q: What about lines of credit or
refinancing?
Q: What are the rates and terms of
REDCâs Revolving Loan Funds?
Prevailing interest rates are established depending
upon the applicable loan program. All rates are fixed
for the term of the loan. Terms will vary depending
upon the type of financing and typically range from
three to ten years (loans for buildings or land purchases
may have longer terms). REDC funds are available to
finance up to 75% of all project costs.
Q: What counseling services are available?
For free assistance in developing your business
plan, call the Small Business Development
Center Area Specialist at (802) 773-9147.
For technical assistance with your manufacturing
and industrial engineering needs, call Brenda Kelly
at the Vermont Manufacturing Extension Center. (802)
259-3712.
Q: When are applications reviewed?
Applications will be reviewed on the third Friday
of the month by a loan review committee comprised
of members of the REDC Financial Services Committee.
Completed applications must be received by REDC
at least three weeks prior to that day. A non-refundable
application fee is required.
Q: How do I apply for REDCâs Revolving
Loan Funds?
Applications may be obtained by calling the REDC office
at (802) 773-9147 and are also available on-line. As
with other lenders, REDC's revolving loan funds require
the development of a sound business plan clearly describing
the business and the proposed use of the new funds.
The plan should address the industry and its trends,
the market, and the company's management and operations.
Historical financing information is required along with
projected operating results.
Q: What other services are offered
by REDC?
Other services provided through the REDC Office include:
* Start-up Assistance
* Plant Siting
* Demographic Data
* Business Planning
* Market Planning
* Accounting Referrals
* Manufacturing Technical Assistance
Q: How can I obtain additional information?
Call REDC at (802) 773-9147; or stop by our office
at 112 Quality Lane, Rutland, or contact us via
email.
info@rutlandeconomy.com
Q: When and how was REDCâs Revolving
Loan Fund started?
The fund was established in October 1992. Funding
has been made available through a loan from the Rural
Development branch of the Farmersâ Home Administration.
Q: How big is REDCâs Revolving Loan
Fund and how much has REDC loaned?
The REDC loan fund has an existing pool of $1.8 million.
REDC has loaned over $1.6 million. Because the fund
is revolving, $900,000 is available to re-lend as monies
return to the organization.
Q: Who are some businesses that
have been assisted through REDC?
REDC has assisted the Rutland Area Food Co-op, Vermont
Roots (a distribution company of Vermont-made products),
Green Mountain Grainary (an organic grain mill in Pittsford),
as well as other companies throughout Rutland County.
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