Revolving Loan Fund
Lyons Revolving Loan Fund
The Town of Lyons, through its Revolving Loan Fund (RLF) Ad Hoc Advisory Committee members (collectively the “RLF Committee”), is managing a USDA RLF grant fund and a locally funded Business Recovery Fund. The federal grant funds were awarded on a competitive basis to the Town to use for economic development; specifically, for business capital and expansion, and opportunities that may help to create additional employment within Lyons. When a business repays the loan (via principal and interest payments), these funds are used to maintain a continuing loan program within the local RLF to make additional loans to businesses wishing to expand their business within the Town of Lyons.
Businesses within Lyons planning area are encouraged to apply for the Town of Lyons Revolving Loan Fund (RLF), for loans between $1,000 and $20,000. Longer term loan repayment schedules above and beyond the COVID related short term loan program below may also be considered by the committee.
In response to impacts from COVID-19, the Revolving Loan Fund (RLF) Ad Hoc Advisory Committee has modified terms to be responsive with short term, working capital loans. Due to the pandemic impacts on local businesses, loan terms for working capital loans, have been extended from eight months to twelve months; interest rates have been reduced from two percent to zero percent; loan limits have been increased to $10,000; and the first payment due date has been deferred for the first three months. Learn more and apply through the links below.
Learn more about the Lyons Revolving Loan Fund Rules and Standards
View the Lyons Revolving Loan Fund Application
Please direct questions to Kim Mitchell, RLF Staff Liaison, or Mike Porter, RLF Committee Chair.