Revolving Loan Fund (RLF)

Gateway’s RLF requires that for every $20,000 in RLF dollars loaned to a borrower, one full-time job will be created or retained; however, this applies to the entire portfolio and not individual loan projects.

Eligible Activities

Purchase equipment, machinery, or fixtures for local businesses.

Business and industrial acquisitions that prevent the loss of local business and employment.

Construction, conversion, expansion, repair, modernization, or development of facilities.

Purchase and development of land, easements, rights-of-way, buildings, facilities, leases, and materials.

Leasehold Improvements

Working Capital

Ineligible Activities

  • Acquire an equity position in a private business
  • Subsidize interest payments on existing RLF Loan
  • Provide required equity contributions for other Federal Agency loan programs
  • Acquire interest in a business through the purchase of stock or through acquisition of assets
  • Investment in interest-bearing accounts, certificates of deposit, or any investment unrelated to the RLF
  • Refinancing existing debt
Documents & Links
Loan Process Loan Specifics

Loan Process

Gateway's RLF does not compete with private financial institutions and potential applicants are encouraged to contact their bank before submitting the online pre-application.

Upon receiving the pre-application, the RLF Manager will contact the applicant for additional information.

The RLF Manager will prepare a loan summary to present to the Regional Economic Development (RED) Committee for review. The committee may 1) recommend the application to the Gateway ADD Board of Directors, 2) deny the request, or 3) recommend adjustments to the application to better meet the goals of the Gateway RLF.

All requests above $25,000 must receive approval from the RED Committee and the Gateway ADD Board of Directors.

Online Pre-Application

The online pre-application allows prospective borrowers to submit basic business, project, and financing information for initial review. Submission of a pre-application does not constitute loan approval but initiates the formal evaluation process.

Fill Out Form

Loan Specifics

Loan Size
Standard loan sizes are the lesser of 30% of the total project cost or $150,000.
Equity Requirements
10% minimum provided by the borrower
Collateral
Corporate or personal guarantees required of any entity having ownership interest in business.
Interest Rates
Interest Rates Minimum: 75% of WSJ Prime (not less than 4%) Maximum: 10%
Max Loan Terms
Buildings & Real Estate - 15 Years
Machinery & Equipment - 10 Years
Working Capital - 5 Years