The Industrial Development Revolving Loan Fund provides financing for land, buildings, fixed equipment and machinery, research, and development to eligible businesses.
Eligible Businesses
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
Loan Terms
Loan terms and interest rates are negotiable between the applicant and the City, with these considerations:
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.