Midwest Small Business
Finance
Revolving Loan Fund (RLF) Information
Background
Midwest Small Business Finance (MSBF) maintains its own direct loan program,
which is the Revolving Loan Fund ("RLF"). Repayments from loans are
returned to the fund to be loaned out again.
Focus
To assist healthy existing eligible small business concerns located in Missouri,
by providing "gap" financing.
Program Summary
Fixed Assets, including Machinery & Equipment, Furniture & Fixtures,
Real Estate Improvements
• Low down payment (10% of eligible project costs)
• Below market fixed rate
• Long-term financing
• Amortize fees and closing costs as part of loan
• Creation of qualified jobs
• Loan amounts may range from $25,000-$150,000+
Eligible Borrowers
• Existing for-profit operating business
• Start-ups will be considered on a case-by-case basis
• Eligible businesses include manufacturing, processing or assembling of
products; service-business operations, and retail
The Process
MSBF's Loan Screening Committee meets as called to review loan applications
and formulate recommendations to the MSBF Board of Directors. Upon approval
by the Board, staff may proceed with closing the loan.
To start the process, an applicant should first contact MSBF staff to determine eligibility. An eligible applicant must then provide the following items:
• Preliminary Application (MSBF form)
• Three years of historical business financial statements and tax returns
• Interim business financial statements current within 60 days
• Two years of business projections
• Personal financial statements for principals with 20% or more ownership
• Three years of personal tax returns for 20% owners