The City of Elmore offers a Revolving Loan Fund (RLF) to support new and expanding businesses. This program provides low-interest loans and gap financing to strengthen our local economy, create jobs, and expand the tax base.
Eligible Uses of Loan Funds
- Land acquisition
- Site improvements
- Building construction or rehabilitation
- Interior & exterior renovations
- Machinery, equipment, and fixtures
- Inventory and working capital
Ineligible Uses
- Taxes (except for sales & use tax on eligible purchases)
- Refinancing existing debt (except current RLF loans)
- Residential real estate and construction
- Professional fees and organization expenses
- Speculative product development
Loan Terms & Requirements
- Direct loans up to 50% of the total project cost
- Minimum 15% owner equity investment
- Loan terms and interest rate determined based on project need and feasibility
Who Can Apply?
- Any legitimate business operating within Elmore city limits
- Applications are reviewed by City staff, the Loan Committee, and the City Council
Application Process
- Initial Meeting: Discuss project and obtain application
- Submit Application: Include required documents and fees
- Staff Review: Credit check, project feasibility, and financial analysis
- Loan Committee Review: Recommends approval or denial to the City Council
- City Council Decision: Final approval and loan disbursement
Apply Today!
Click below to download the Elmore Revolving Loan Fund Policy and the application form.
