South Central Ozark Council of Governments’ (SCOCOG) Revolving Loan Fund, administered under the South Central Ozark Regional Development Company (SCORDC), is one of several EDA public investment tools available to assist distressed areas.
An RLF (Revolving Loan Fund) is a pool of money used by eligible recipients for the purpose of making loans to achieve certain economic benefits.
As loans are repaid by the borrowers, the money is returned to the fund to make other loans.
In that manner, the fund becomes an ongoing or “revolving” financial tool.
SCOCOG’s RLF is not a substitute for conventional lending sources; RLFs are designed to fill gaps in existing local financial markets and provide or attract capital which otherwise would not be available for economic development.
The primary goal of the RLF is private sector job creation or retention.
Participation Requirements – Entrepreneurs who wish to avail themselves of the economic benefits of the RLF must be residents of the South Central Region (Douglas, Howell, Oregon, Ozark, Shannon, Texas, and Wright Counties).
– Resolutions of support and membership dues of their resident city or county must be current prior to participation in the loan fund.
Interest Rates SCORDC can make loans to eligible borrowers at interest rates and under conditions determined by SCOCOG to be the most appropriate in achieving the goals of the RLF.
The minimum interest rate is five percent (5%) for seven (7) years.
Loan Amount – One full-time job created per $10,000 of RLF proceeds – Minimum leverage ratio of $2 of private funds to $1 RLF – Minimum of 10% equity injection by private sector participant – RLF funding limit of 28% of total project cost – Maximum loan of $100,000
South Central Ozark Council of Governments
Address: 4407 County Road 2340