Grand Traverse County EDC Revolving Loan Fund (RLF)

General Information

The Revolving Loan Fund is part of a federal program that requires job creation and low to moderate income beneficiaries. Eligible jobs must be new positions at your company. State guidelines for this program allow an applicant to borrow up to $35,000 per created position. A form will be provided to you after approval of your loan to help you gather the required income information from your new employees.

Process Information

Once your application has been submitted, it will be reviewed by the Grand Traverse County EDC Revolving Loan Fund Review Team (Review Team). You will be contacted with the date of the Review Team meeting and the time you will need to be there to answer questions. If approved by the Review Team, your application will be forwarded to the Grand Traverse County EDC Board of Directors (EDC Board). The EDC Board meets the last Wednesday of each month at 9:00 a.m. in the Commissioners Chambers on the second floor of the Governmental Center. You and your financial agent will be required to attend to answer questions. If approved by the EDC Board, your application will be forwarded to the Grand Traverse County Board of Commissioners (Board of Commissioners). The Board of Commissioners meets the last Wednesday of the month at 7:00 p.m. in the Commissioners Chamber on the second floor of the Governmental Center. At the Board of Commissioners meeting, a public hearing related to your application will be held per federal regulations. A notice of public hearing will be run in the Traverse City Record-Eagle up to ten (10) days prior to the Board of Commissioners meeting. The notice will include your company information, the requested loan amount and the purpose of the loan. Once the public hearing has been held, the Board of Commissioners will act on the recommendation provided by the EDC Board. Once approved by the Board of Commissioners the necessary paperwork will be completed and submitted to the Michigan Economic Development Corporation for final approval. Once approval is received from the MEDC, a loan closing will be scheduled. Please note: this is a lengthy and involved process. We estimate a 90 day period from approval from the Board of Commissioners to closing.