SPAG Revolving Fund Loan Program
One job must be created or retained for every $65,000.00 borrowed from SPAG-RLF. All SPAG-RLF loans must pay a 1 point (1%) loan origination fee at the time the loan closes. In addition, the borrower is responsible for paying all attorney’s fees and filing fees associated with the loan.
SPAG-RLF loans are available in the following Texas counties: Bailey, Cochran, Crosby, Dickens, Floyd, Garza, Hale, Hockley, King, Lamb, Lynn, Lubbock, Motley, Terry, and Yoakum.
ELIGIBLE USE OF FUNDS
- Working Capital
- Consolidation of Accounts Payable
TERMS AND INTEREST RATE
- Terms tied to useful life of assets
- Rates determined by RLF Board, as low as 4%
- Fixed interest for the life of the loan
- No pre-payment penalty
- Existing debt cannot be refinanced
RLF funds cannot be used for new construction
- Size of loan may not exceed $250,000