- One job must be created or retained for every $10,000.00 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.
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
* Counties in which loans can be made: Bailey, Cochran, Crosby, Dickens, Floyd, Garza, Hale, Hockley, King, Lamb, Lynn, Lubbock, Motley, Terry, and Yoakum.