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06/23/2020 (2)
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06/23/2020 (2)
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Last modified
9/17/2020 2:07:13 PM
Creation date
9/16/2020 11:37:20 AM
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Meetings
Meeting Type
BCC Regular Meeting
Document Type
Agenda Packet
Meeting Date
06/23/2020
Meeting Body
Board of County Commissioners
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REVOLVING LOAN FUNDS TO THE RESCUE <br />Need Money? <br />The South Florida Regional Planning Council — Revolving Loan Funds program is offering small to medium-sized <br />businesses in Broward, Miami -Dade and Monroe Counties reasonably priced credit. Whether you want to <br />move to a new location, upgrade equipment or expand your services, the SFRPC-RLF is offering financial <br />support to help grow your business and the local economy of South Florida. <br />* The Facts <br />• Loan Size <br />SFRPC-RLF offers loans between $25,000 and $500,000. <br />• Interest Rates <br />The interest rate will be determined by the perceived credit risk. <br />• Eligibility <br />Existing businesses located in. Broward, Miami -Dade, and Monroe Counties who are unable to obtain <br />conventional financing. Funds cannot be used for acquisition of a business, business assets, or stock. <br />Repayment Terms <br />Repayments will generally be made monthly; however, customized payment structures will be <br />extended to borrowers depending upon their individual cash flow needs. <br />• Loan Terms <br />Generally, loans will be based upon the borrower's needs, repayment ability, and amount financed. <br />• Collateral <br />Collateral pledged for each loan will depend upon the RLF loan amount, the overall credit risk, and the <br />personal and business assets pledged as collateral. Personal guaranties by all parties with more than <br />20% ownership interest will be required. <br />• Requirements <br />1. Leverage - RLF loans must leverage private investment of at least two dollars for everyone dollar of <br />such RLF loans <br />2. Jobs -Number of jobs created/retained against amount loaned (Must beat least 1 job for every <br />$20,000 loaned from the RLF) <br />Loans will be based upon the borrower's needs, repayment ability, and what the borrower is financing. <br />APPLY <br />An application can be obtained at SFRPC RLF application. <br />You must provide a completed business plan including business and personal financial statements, tax returns <br />and appraisals for equipment, land and other business assets. <br />South Florida Regional Planning Council Revolving Loan Fund <br />Attention: rlf@sfrpc.com <br />.10akwood Boulevard, Suite 250 Hollywood, Florida 33020 <br />954-924-3653 (Phone) 954-924-3654 (Fax) <br />5 <br />
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