Revolving Loan Fund: The City of Marshall has funds that have been recycled from previous CDAP applicants. Revolving loan funds can be utilized, based on ability of funds, for the following activities:
a. Site development/infrastructure extension costs
b. Construction of a new facility or additions
c. Renovation of existing facilities
d. Leasehold improvements
e. Purchase of new or used machinery or equipment
f. Working capital
For every $15,000 of revolving loan funds provided, one full time equivalent (FTE) job should be created or retained. Refinancing existing debt is ineligible. Revolving loan funds can be used to fund no more than 50% of total project costs. Interest rate fixed at 3% below prime rate and maximum 10 year term. Applications are available though the Economic Developer. ALL required documentation must be received by the City prior to any review or consideration of the application will take place.
These funds are available on a competitive basis to qualified applicants.