Loans available through the fund range from $5,000-$50,000 and can be used for working capital and to help make ends meet during the COVID-19 pandemic.
The fund is expected to operate as a financial bridge while small businesses await funding from the Small Business Administration Disaster Relief Fund.
To be eligible, businesses must meet the following requirements:
- Be for-profit entities
- Have less than 100 employees
- Be experiencing a business interruption or cash flow issue due to COVID-19.
- Meet an average credit score
- Must have 2018 or 2019 business federal tax return filed and other financial information
- Evidence that you have applied for the SBA’s Disaster Relief Fund
- Personal Financial Statement for each Principal
- Complete copies of Personal Tax Returns for most recent one (1) year for each Principal
- Complete copies of Corporate Tax Returns for past three (3) years
- Resume for each Principal (if available – otherwise RLDC will interview client)
- Copy of Interim Financial Statements (current within 60 days), including aging schedules for accounts receivable and payable
- List names of affiliated companies (through ownership or management control); complete financial information for affiliates must be provided
- How much funding do you request? How was that amount determined?
- Debt schedule
- Copy of recent credit report (otherwise RLDC will need to pull one)
- Evidence that application for SBA Disaster Relief Loan has been completed or is in process
- Evidence of deferment on existing debt payments and rent
- 2202 Schedule of Liabilities
- COVID-19 Information Form
- SBA PFS
- Small Business CARES Act Explanation
- Small Business Owners Guide to CARES Act