(Submitted by City of Bowling Green)
One of the City of Bowling Green’s best resources for local business start-up and enhancement marks 30 years in existence this year. The City of Bowling Green’s Revolving Loan Fund (RLF) was established 30 years ago (1987) as a means of offering “gap finance assistance” for those businesses desiring to create employment within the city corporation’s formal limits.
Since its inception, the City’s RLF has issued 159 loans totaling nearly $4,700,000. This program is funded from the proceeds of other RLF loan repayments. Initially, it was begun using proceeds from Community Development Block Grant funding, and was also designated for business assistance and job creation. RLF loans are made for a fixed term of three to five years with an interest rate that is two-thirds of Prime (as listed in the Wall Street Journal) on the closing date.
Businesses may utilize the funding for inventory and equipment purchase as well as working capital. Both existing and start-up businesses have utilized the RLF to help solve their financial needs. In return for their loan, a business must create one job (full-time equivalent) for every $50,000 borrowed. The jobs must be offered to persons who are at low- and moderate-income levels at the time of hire.
For more information, contact Sue Clark of Bowling Green Economic Development at (419) 353-3591 or contact@bggreen-oh.com.
