Baton Rouge District Chamber and national nonprofit financial institution for community development TruFund announced the creation of a $ 1.1 million revolving loan fund that is available to regional businesses for loans of up to $ 250,000 for working capital, contract finance, inventory, marketing and business development.
The RLF will focus primarily on those businesses most vulnerable to the COVID-19 pandemic, in particular those with 50 or fewer employees and less than $ 3 million in revenue.
RLF is initially funded by a three-year grant from the US Economic Development Administration to provide both short-term and long-term funding. Loans will be provided for a period of six to 60 months with an interest rate of 0 to 10%, depending on the loan product. RLFs are self-healing, with interest and principal payments on old loans being used to disburse new ones.
The RLF Capital Region is the first TruFund in the state. In addition to BRAC, RLF partners with several regional non-profit and community organizations, including the Ascension Economic Development Corporation, BUILD Baton Rouge and the Capital Region Planning Commission.
Small businesses interested in applying for a loan through FFR can get more information. here.