Industrial Development Revolving Loan Fund

Low interest "gap financing" can be an important aid to a growing or expanding business. Combined with a partnership with a local commercial lender, the City's Revolving Loan programs can significantly reduce the costs of borrowing needed capital for expansion and growth of a business. The purpose of the City's Industrial Development Revolving Loan Fund is to provide financing for land, buildings, fixed equipment and machinery, research, and development to eligible businesses. Eligible activities and/or businesses include:
  • Convention facilities, trade centers, and tourism facilities
  • Development or improved utilization of natural resources
  • Manufacturing or other industrial production
  • Research and development activities
  • Sewer, water, or other utilities necessary for business development
  • Transportation or freight facilities
  • Other activities which represent new technology or types of economic enterprises which meet community development needs and which diversify the economic base of the area

Terms


Loan terms and interest rates are negotiable between the applicant and the City. The repayment term cannot exceed 15 years, and the interest rate cannot be less than 5% per year. The maximum allowable loan to any applicant is 1/3 of the project cost, up to $125,000. All loans are subject to the review of and approval by a loan review committee and the Grants Pass City Council.

Documents