Revolving Loan Fund

COVID-19 Loan Program

For information on the Covid-19 RLF program, please see the Covid-19 loan page.

The Sterling Reveloving Loan Fund (RLF) was established from prior CDAP revolving loan money.  The RLF is meant to provide financial assistance to businesses locating or expanding within Sterling. As financial assistance projects are repaid, the City returns the money to the Revolving Loan Funds that can be used to fund future economic development opportunities within each community. 

While most RLFs do not make large financial assistance packages, the contributions are an integral part of a business' overall financing package, leveraging larger amounts of private sector dollars. In particular, RLF dollars can be an important source of "gap financing" for small businesses.

Eligible Uses of Revolving Funds

Revolving Loan Funds can be used as financial assistance to companies to encourage investment and job creation/retention. 

Rules of Thumb

The RLF may provide no more than 50% of the overall project, exclusive of any refinancing of existing debt.  The amount lent by the RLF may not exceed $15,000 loaned for every full-time-equivalent (FTE) job created / retained by the project.

No speculative project financing (jobs must be created or retained in a timely manner as a result of RLF investment in a specific, identifiable project). At least 51% of the jobs created/retained as a result of the project must meet the U.S. Dept. of Housing and Urban Development (HUD) "Section 8" family income guidelines. Projects funded by RLF funds must be monitored on the local level to insure borrowers are meeting the 51% low-to-moderate income goals for each financial assistance project.

For more information on this program, please call the GSDC at 815-625-5255.