The City of Hillsboro has established a Revolving Loan Fund to assist in financing small businesses located in the City. The purpose of the fund is to help create and retain jobs as well as economic growth for those eligible for assistance.
The fund is intended to help fill the gap in conventional financing, not to compete with conventional finance institutions for private lenders. The funds are to be used in combination with outside financing and owner equity. A private lender (bank, SBA, etc.) must provide at least 51% of the needed loan.
Projects which may be funded are:
- Purchase of machinery, equipment or inventory
- Working capital as part of an expansion or modernization that will create or maintain employment
- Funds may be used for construction of new facilities or additions, as well as, renovation of existing facilities
Features of the Revolving Loan Fund are:
- Less interest
- No application fee
- No credit report fee
- No legal fees
- No points charged
- No recording fees
- Personal guarantees required
- Terms up to 10 years