The Lake Country Development Corporation funds investments that are for the establishment of new industries, assistance for existing locally-based industries, innovative and job- creating economic uses and activities, and to fill a gap in the existing local financial market in the Virginia counties of Brunswick, Halifax and Mecklenburg.
Loan Amount – $50,000 – $250,000 Uses of Funds
• Purchase of land, buildings, machinery and equipment
• Land improvements
• Renovation or major additions to existing buildings
• Construction of new buildings
• Working Capital Terms
• Working Capital – five years
• Working Capital Loans – The applicant will have existing new working capital (current assets will exceed current liabilities) of at least 15% of the applicant’s total working capital needs.
• Fixed Asset Loans – Up to 25 years, depending on the life of the assets financed
• Fixed Asset Loans – The applicant will provide in the form of equity a minimum of 15% of the total cost of the project.
• No revolving fund loan will cover more than 75% of the total project costs, nor, except in unusual circumstances, will a loan constitute 100% of the debt-financed portion of a project.
It is the general policy of LCDC to loan the minimum amount needed to elicit financing from other sources, in order to assist projects that would not otherwise be financed.
Interest – 3% below the Prime Rate.
No less than 5%.
Lake Country Development Corporation
Address: 200 South Mecklenburg Avenue
City: South Hill