How do I apply for the Revolving Loan Fund?
First, you must be a resident of Camden, Laclede, Miller or Morgan Counties.
You will need to complete an application. There is a Link on our web page where you can access the necessary documents. You may also set up an appointment by contacting Mike Koenigsman at (573)346-5692 or email firstname.lastname@example.org and a Loan Officer will work with you to complete the application.
What types of business and/or business needs qualify for the RLF?
This loan Fund is primarily geared towards small businesses; whether a new entrepreneur is just getting started, an existing business needs some working capital or a non-profit needs additional funds during this challenging business environment.
Are there any Application fees?
There is not an application fee.
What is the Interest Rate?
The initial Interest Rate is 3% for the first 5 (five) years amortized over a 10 (ten) year period. After the first 5 years, you may pay a balloon payment to clear the loan, or you may re-finance for an additional 5 years at the current rate at that time.
Are there any financing fees?
There is a 1.5% loan Origination fee that can be included in the loan amount.
Can I get multiple – RLF loans for the same business need?
No – the CARES ACT Covid-19 Revolving Loan Fund cannot be used for business needs that already have had financing through a Revolving Loan Fund.
Who services the Revolving Loan Fund?
Lake of the Ozarks Council of Local Governments services all RLF Loans.
How much can I borrow?
- For Large Capital investments such as new equipment or facilities, loans can range from $5,000 to $125,00.
- For Working Capital investments, loans can range from $250 to $65,000.
- Regardless of the loan type, LOCLG will require that a $1 of private funds(investment) to $1 RLF funds leverage ratio is maintained.