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Revolving Loan Fund is Here to Help Small Businesses

by Dawn Hegland on December 30th, 2011

Did You Know?

  • There are almost 21.5 million (90%) small businesses in the United States;
  • Small businesses are responsible for 39 percent of gross national product (GNP);
  • Small businesses are responsible for 52 percent of all the U.S. sales and contribute about 21 percent of all manufactured U.S. exports;
  • Small businesses contribute 44 percent of all sales in the country;
  • Small businesses employ 54.4 million people, about 57.3 percent of the private workforce;
  • 600,000–800,000 new small businesses are launched each year by entrepreneurs!

Statistics are from National Telecommunications and Information Administration and International Economic Development Council.

 

The UMVRDC Revolving Loan Fund (RLF) has helped over 100 small businesses throughout the five-county area with start-up and expansion funding. In collaboration with a bank, we can help a new or expanding business with funding for inventory, equipment, real estate and working capital expenses.

 

Things you should know about the revolving loan fund:

  • A primary focus is job creation and retention.
  • Funds are available for fixed assets, real estate and working capital.
  • Bank participation is needed; the RLF will not replace bank financing.

 

For more information about the RLF, visit the RLF page here on our website, or contact Jacki Anderson at jacki.anderson@umvrdc.org or call 320-289-1981 ext. 2.

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