RACDC – Small Business Revolving Loan Fund
What is the SBRLF?
RACDC administers the SBRLF on behalf of the Town of Randolph. Over the ten years of its existence, the SBRLF has assisted more than 20 local businesses with start up and expansions. The current loan portfolio is approximately $150,000 with loans to six local businesses.
Who makes loan decisions?
Applications are made to RACDC. RACDC assists the applicant in presenting a complete loan application. The completed application is reviewed by the SBRLF committee, which has five members, appointed by the Randolph Selectboard. The committee will either recommend the application for funding to the Selectboard, or deny the request. If your request is denied, the committee will give the reasons for denial in writing, and if possible, suggest ways to improve the application to be approved for funding. The Selectboard makes the final decision.
Loan size and term
The SBRLF will lend up to $20,000 to any single business, for a term not to exceed five years. Higher amounts may be considered but will be subject to more extensive review and stricter collateral and matching fund requirements.
Information for Applicants
The Randolph Revolving Loan Fund (SBRLF) is designated to assist small business development in Randolph. The Small Business Loan Fund was established:
- To recruit new businesses to Randolph, especially those that increase the diversity and availability of goods and services
- To retain existing businesses
- To repair existing buildings, especially to bring them up to current building safety and accessibility codes
- To expand existing businesses
We welcome applications from anyone doing business or planning to do business in the Town of Randolph. We have an application package to help you with the application process. Please contact RACDC if you have any questions. The Loan Policies and Procedures are also available upon request by any potential applicant.
Heart of Vermont Enterprise Revolving Fund (HOVER) Documents:
HOVER Application Guidelines (Word Format)
HOVER Policies and Procedures (Word Format)