Rural Community Development Revolving Loan Program

Introduction
(www.FloridaJobs.org/RLP)

The Rural Community Development Revolving Loan (RCDRL) Program was created by the 1996 Legislature to facilitate the use of existing federal, state, and local financial resources by providing local governments with access to financial assistance to further promote the economic viability of rural communities.

This program is intended to be highly flexible and the loan amounts will vary depending on the need of applicants. It will provide term loans to local governments, or economic development organizations substantially underwritten by a unit of local government; within counties with populations of 75,000 or fewer or a contiguous county of 125,000 or fewer as stated in section 288.065, Florida Statutes. The long-term goals of the RCDRL include the creation of jobs for the residents of rural Florida and an increase in economic vitality and diversification for these areas.

Terms and Conditions:

• Variable payment options
• Interest rate of 2%
• Negotiable collateral

Eligible Projects:

• Any public purpose project may be acquired, constructed, or improved with the assistance of the program.
• Projects must result in the creation or retention of jobs, the maintenance of existing industry or economic activity, or the expansion or diversification of the local economic base.
• Eligible uses of loan proceeds include: the purchase of equipment; the acquisition of land, construction of buildings, building improvements; utility related projects, etc.

Ineligible Uses:

• Funds may not be used for staffing or administration purposes.
• Funds may not be used to set up a local revolving loan program.
• Funds from this program may not be used to cover payroll or grant administration.

Additional Information and Requests for Assistance  

• Liz Miller
  • Liz.Miller@commerce.fl.gov
  • 850.717.8980