REVOLVING LOAN FUND

The Tyler Economic Development Council (TEDC) manages the Smith County Revolving Loan Fund (SCRLF), which provides loans to firms that create or retain permanent jobs through the retention, expansion, or establishment of companies in Smith County. 


ELIGIBLE APPLICANTS & USES

Businesses located or locating in Smith County that are producing a product or providing a service from which a majority of their sales are derived outside of Smith County.  The company should also provide evidence of a financing gap and should have a substantial potential for retention or creation of jobs.

Eligible uses include working capital, equipment and machinery, purchase and development of land and building, pollution control and abatement.  Ineligible uses include speculative activities, loans which assist the relocation of jobs from another labor area, investment, refinancing, or to provide the equity contribution required for federal loan programs.

MAXIMUM LOAN AMOUNT

The maximum loan amount will be $200,000; the minimum loan will normally be $50,000.

PARTICIPATION AND INTEREST RATE

The loan ratio will be at least two private sector dollars to one SCRLF dollar.  Private sector dollars include private financing from other lenders or equity investment.  Owner participation will generally be 20% of the total project costs.  The loan may be subordinated to the primary lender or funding source.

Interest rate will normally be fixed and at or slightly higher than the national prime rate. The loan term will be tied to the life of the assets financed, up to twenty-five years.  Working capital loans shall be for terms of five years or less.

TEDC SCRLF LIST OF CLIENTS

	ABL Services
	Action Cleaning
	American Cutlery
	Ausa
	B&W Porcelain
	Benchmark Manufacturing
	Crews Coffee Co.
	DirecTex
	Distant Lands Coffee
	Engraven Images
	Falcon Trailerworks
	Group M7
	Hebb Industries
	John Soules Foods
	King Manufacturing
	Mentoring Minds
	Motor Trike
	Ryno Industries
	Service Line
	Southwest Environment
	TAKS Tornado!
	Texas Software Development
	US Fabrication

ADDITIONAL ASSISTANCE

You can download our handy brochure (146 KB, PDF format) that answers many commonly asked questions about the SCRLF. The TEDC also works with many other organizations that can assist you including the Small Business Development Center (SBDC), which can be reached at (903) 510-2975. The SBDC has many resources to help you with your business, including business plans, and most of these services are free. Click here to download a directory of these service providers (247 KB, PDF format).

DOWNLOAD

TThe State of Texas Attorney General's office produces an annual Economic Development Handbook that provides detailed information about all available funding options available in the State of Texas. The publication is only available online and can be downloaded in PDF format.

CONTACT INFORMATION

For more information regarding the SCRLF, please contact: