Community Development - Economic Development
Revolving Loan Fund
ObjectiveOur department administers a small loan pool, known as the Revolving Loan Fund (RLF), that we lend at favorable rates to small businesses from public resources, as well as create public-private partnerships with local commercial banks and other private sector lenders and investors. To be considered for a loan, potential projects must meet one of two nation's objectives:
- benefiting low income persons by job creation/retention
- prevention or eliminating slums or blight
This program is designed to assist small service, commercial, and industrial businesses in the City of Rome by providing "gap financing". Provision of assistance from other entities must be contingent upon firm commitments of financial participation from other sources such as private financial institutions, or the private entities themselves. This financial assistance must meet the overall program objective and must result in the creation or retention of permanent jobs of which 51% must be for low income persons.