Early County’s Revolving Loan Fund

Economic development is often associated with recruiting new industries, attracting major investments and creating new jobs. But some of the most important economic development happens much closer to home—when a local entrepreneur opens a business, an existing company expands, or an employer makes an investment that keeps jobs in Early County.

One tool available to help make those projects possible is the Early County Economic Development Revolving Loan Fund (RLF).

The goal of the Revolving Loan Fund is straightforward. It was developed to support the creation and retention of jobs in Early County by providing financial assistance to existing businesses and start-up ventures when the County’s participation is necessary to help make a project viable.

The RLF is designed primarily as what is known as “gap financing.” In other words, it is not intended to replace traditional banks or private investment. Instead, it can help fill the financial gap that might otherwise prevent a worthwhile business project from moving forward.

The program can assist qualifying small service, commercial and industrial businesses located in Early County, as well as businesses proposing to locate or start operations here. Funds may support eligible activities associated with fixed assets, facilities, equipment and improvements.

The Revolving Loan Fund is not a grant program or simply “free money” for businesses.

Applicants must have the ability to repay the loan and demonstrate how the proposed project will create or retain permanent employment.

The RLF was established with job creation and retention as its central purpose. Under the current underwriting policy, at least 51 percent of the jobs created or retained through an assisted project must benefit low- and moderate-income persons. The program also generally requires at least one job to be created or retained for every $50,000 of RLF financing.

Applicants are required to provide detailed information including financial statements, cash-flow projections, a market analysis, information about collateral, credit references and documentation explaining exactly how the loan proceeds will be used.

Private investment also plays an important role. Generally, applicants are required to obtain 50 percent of project financing from a private lending institution. An alternative structure may be available when an applicant provides an equity injection equal to 25 percent of the RLF funds requested.

The Development Authority of Early County serves as the Loan Review Committee and servicing agent for the program. Applications are reviewed by the Development Authority, which makes a recommendation to the Early County Board of Commissioners. The Board of Commissioners makes the final decision regarding approval. The best part of the fund is that it revolves!

As borrowers repay their loans, those dollars return to the fund and are reserved for future economic development loans. Instead of being spent once, the same public dollars can potentially assist multiple businesses and projects over time. For Early County, that makes the RLF more than simply a financing program. It is a long-term economic development tool that is designed to leverage private investment, strengthen local businesses, encourage entrepreneurship and, most importantly, create and preserve jobs in our community.

Sometimes economic development means bringing a new company to Early County. Other times, it means giving an Early County business the additional tool it needs to take the next step. This is exactly what the Revolving Loan Fund was created to do. For more information, please visit the “incentives” section at www.developearly.com.

Published in the Early County News on August 19, 2026.