Through this program, cities and counties can design a revolving loan program to help small businesses grow or to facilitate other revitalization/redevelopment projects that will result in job creation or retention. By providing funds to local governments (or sponsored eligible non-profit organization sub-applicants) to establish a revolving loan program, communities can promote the development of small businesses or facilitate other revitalization/redevelopment activities. The applicant is encouraged to design their program in a manner to best meet the area’s needs.
This program helps communities develop public infrastructure that allows industries to locate new facilities, expand existing facilities, prevent the closing of a facility or the relocation of a facility outside the state. Grant funds may be used for public streets, water or sewer lines, engineering and other public facilities necessary to support the private sector project. A public entity must own the facilities to be funded.
If your startup exhausted all funding sources and you still need access to capital to expand, connect with your local economic development agency/local government to learn about this loan program can help finance new machinery and working equipment, construct space, or provide working capital.