Bozeman Revolving Loan Fund – Prospera Buisness Network
The Bozeman Revolving Loan Fund (Bozeman RLF) provides capital to local Bozeman companies to further economic expansion and the creation of “quality” jobs within the city.
Typically, these loans are made to local projects that cannot attract sufficient private financing or fully satisfy a commercial lender’s credit requirements.
The minimum loan amount shall not exceed $250,000. The cost per job to be created or retained must not exceed $20,000 per job (for example, a $100,000 loan should create or retain 5 jobs).
The Bozeman RLF loan amount must be matched on a one-to-one basis from another source, i.e. bank loan, owner investment equity, private funds, SBA, grants, or a combination of sources.
Specific loan terms (including the interest rate) will be determined by the Loan Review Committee after review of the application and will be based on the specific project needs.
In no case will the minimum allowable interest rate be less than 5%.
All loans must be secured with a personal guarantee and other reasonable sources of available collateral.
The Bozeman RLF will take a secondary position on collateral behind a commercial lender.