|
|
PRESS
RELEASE
FOR IMMEDIATE RELEASE
CONTACT: Jane Moon; jmoon@adss.state.al.usg
DATE:
November 23, 2004
Ever thought of starting or expanding
your own business, but stopped due to financial shortcomings? If a
loan between $10,000 and $150,000 could get you moving in the
right direction, NACOLG can help. Providing low interest gap
financing, the Northwest Alabama Council of Local Government’s
Revolving Loan Fund Program may allow you to become a business
owner sooner than you think.
Comprised of both State and Federal funds, NACOLG’s Revolving Loan
Fund is a locally controlled source of capital. The funds are used
to assist small to medium-sized businesses in creating or
retaining jobs in Northwest Alabama by providing gap financing—the
difference between what your bank will lend you and the total cost
of the project. In fact, the RLF program can loan up to one-third
of the total cost of the business at rates that are well below
prime.
Revolving Loan Funds can be used to purchase land and buildings,
renovate existing businesses, purchase equipment or machinery or
provide working capital. Furthermore, these loans are cyclical in
nature. As borrowers repay their loans, both principal and
interest payments are returned to the fund for future lending
therefore creating more jobs and investment opportunities in
Northwest Alabama.
For more information on the Revolving Loan Fund, contact NACOLG at
389-0552 or 389-0550.Back
to NACOLG Pressroom --->
|
|
