The revolving loan fund includes three loan categories designed to address common financing challenges faced by small businesses and nonprofits: Micro Loans, ranging from $7,500 to $15,000, for small scale capital needs, especially for businesses with limited collateral or credit history; Gap Loans, up to $75,000, to supplement commercial financing, close remaining funding gaps and reduce borrowing costs; and Bridge Loans, up to $150,000, for nonprofits awaiting grant reimbursements. 

Loans may be used for commercial property acquisition and redevelopment, building construction and renovation, machinery and equipment purchases, site improvements, working capital, inventory and other project related costs. The pre-application opened July 31, with separate forms for businesses and nonprofits. The formal application period opens Aug. 21, after which applications will be accepted on a rolling basis while funds remain available. 

Once formal applications open, county staff will contact all pre-applicants to schedule an in-person meeting to review eligibility and next steps. Eligible applicants will then be invited to submit a full application. A virtual information webinar for prospective borrowers will be held Aug. 20 from 2 to 3 p.m., where staff will review eligibility criteria, loan products and the application process.