Revolving Loan Fund (RLF)

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OAKLAND COUNTY
REVOLING LOAN FUND
Oakland County | Revolving Loan Fund

The Oakland County Revolving Loan Fund (RLF) was created to provide gap financing to businesses negatively affected by COVID-19, primarily small businesses owned by minorities, women or located in an economically, disadvantaged area. However, all Oakland County small businesses are welcome to apply.

LOAN 
SOURCE 		   Oakland County Revolving Loan Fund
CAN BE USED  FOR 
Financing the acquisition and modernization of commercial real estate, the acquisition of machinery/equipment, facility renovations and working capital
ELIGIBLE  BUSINESS    For profit, small businesses located in Oakland County
LOAN AMOUNTS    $50,000 minimum to $200,000 maximum
LOAN TERMS   
  • Amortization up to 10 years
  • Competitive fixed rates set at funding
COLLATERAL 
  • Assets acquired with loan proceeds
  • Personal guarantees of the principal owners
LOAN  STRUCTURE 
  • Provides gap funding to help the bank/credit union say “approved”
  • Finances up to one-third of project costs
  • Minimum of 10% owner’s equity based on project
  • Bank/credit union loan combined with owner’s equity make up two-thirds of project cost
  • Bank/Credit Union can have first lien on assets
  • OCRLF dollars can be considered as equity into project for loan to value purposes

Example

  • Bank/Credit Union Loan: $170,000
  • Oakland County RLF: $100,000
  • Owner’s Equity: $30,000
  • Total Project Cost: $300,000

Next Steps

  1. Learn more about the program benefits and requirements here
  2. If interested in the program talk with your preferred commercial lender

Contact for more information:

Belinda Turner-Dubois
Manager, CEED Lending
P: 248-460-3973
bdubois@miceed.org