Revolving Loan Fund (EDA-RLF)

Revolving loan funds (RLFs) make loans to businesses that cannot otherwise obtain traditional bank financing. Applicants must be private, for-profit businesses.  Borrowers must demonstrate that credit is not otherwise available on terms and conditions that permit the completion or successful operation of the activity to be financed. The maximum EDA loan amount will be $100,000 however loan can be no more than 30% of the total project costs.

Eligibility Standards:

• Eligible Loan Recipients
• Applicants must be private, for-profit businesses located in the City of Scranton.

Eligible Uses of Funds:

• Purchase Real Estate or Land
• Renovate Business Premises
• Buy or Upgrade Machinery
• Invest in New Technology
• Working Capital
  Ineligible or Restricted Uses of Funds
• Acquire an equity position in a private business;
• Subsidize interest payments on an existing loan;
• Provide for borrowers’ required equity contributions under other Federal Agencies’ loan
  programs;
• Enable borrowers to acquire an interest in a business, either through the purchase of stock
  or through the acquisition of assets, unless sufficient justification is provided in the loan
  documentation.
• Provide RLF loans to a borrower for the purpose of investing in interest-bearing
  accounts, certificates of deposit or any investments unrelated to the RLF;
• Refinance existing debt;
• Speculative activities such as land banking are not permitted.

Interested in Applying?
If you are interested in learning more and applying for this program, please email Tricia Zilaitis
at tzilaitis@scrantonpa.gov

Revolving Loan Fund Guidelines | PDF