About the Revolving Loan Fund
The Revolving Loan Fund (RLF) is available for businesses in Glynn County, Georgia. Loan applications are reviewed by the Brunswick & Glynn County Development Authority, and then a recommendation is made to the Glynn County Board of Commissioners for approval.
The goal of the Revolving Loan Fund is to create new jobs by providing financing for businesses to start-up or expand. Loan proceeds are paid back to Glynn County’s Revolving Loan Fund so they can be used for other business loans. Glynn County’s Revolving Loan Fund was created by a grant award from the Georgia Department of Community Affairs.
If you are interested in learning more or applying for a loan for your business, please continue reading to learn more about the process.
Step 1: Learn more and talk to the Development Authority
Review the RLF policy to understand the eligibility requirements for your business: RLF Policy
If you are interested in applying click here to answer a few questions about your business and project.
After the completed interest form is submitted, a member of the Authority team will contact you within two business days of submittal to review your request and to explain the next steps.
Step 2: Submit Package
After initial review and discussion with the Authority, a loan package that contains the following must be submitted:
- Business plan
- Personal Financial Statement for all owners with more than 20% Ownership. (e.g.- http://bit.ly/2XfnkAw)
- Resumes of all owners
- Declaration of Principals, Owners, and Officers (http://bit.ly/2NfwPLr)
- Personal Tax Returns – most recent 3 years of Personal Tax Returns for all owners
- Corporate Tax returns – most recent 3 years tax returns for business/borrowing entity
- Copies of all notes/obligations of business
- Current Operating Statement and Balance sheet on business/borrowing
- Aging of Accounts Receivable and Accounts Payable
- Corporate Tax Returns on all affiliate businesses-Most recent 2 years
Step 3: Review Process
Upon receipt and review of a complete package, the Development Authority will (at its discretion) consider your package at the next available regularly scheduled Board Meeting. If approved for a recommendation, the loan request will be sent to the Glynn County Board of Commissioners for consideration at the next available regularly scheduled Board Meeting. Generally, it takes approximately 45 days from receipt of a complete package to funding of the loan. This may change based on the meeting calendar of the Authority and the Commission.