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Economic Development The Department of
Governmental Services assists local governments, Revolving Loan Program The NACOLG Revolving Loan Program is an important economic development tool which consists of locally controlled capital being used to finance new or expanding businesses to create or retain jobs. The program targets small to medium sized businesses and small manufacturing companies. RLF Funds can:
Interest rates on RLF loans are below prime and determined by project need for up to 1/3 of the total project cost. RLF complements local banking efforts due to the fact that it provides "gap" financing or a secondary source of funds. Locally controlled, the Revolving Loan fund is governed by NACOLG's Loan Administration Committee -- a group of representatives from Colbert, Franklin, Lauderdale, Marion and Winston Counties. Guidelines:
Department Contacts: Kenneth Brooks (Director) -- 256-389-0551 Marilyn Smith (Economic Development) -- 256-389-0550 Carole Joe Turbyfill (Community Development) -- 256-389-0553 Alaceia Barber (Governmental Services Secretary)--256-389-0559 |
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businesses and industries in
obtaining the necessary infrastructure, and/or financing for the
creation or retention of jobs in the five county region. The
department works closely with numerous agencies to secure the necessary
funding for economic development projects including: Alabama Department
of Economic and Community Affairs, Appalachian Regional Commission,
Economic Development
Administration, Small Business Administration, Rural Development and
others.