Smith County Revolving Local Fund

The Tyler EDC manages the Smith County Revolving Loan Fund, which provides loans to firms that create or retain permanent jobs through the retention, expansion, or establishment of companies in Smith County.  The City of Bullard is located in both Smith and Cherokee Counties so this funding is only available to qualifying businesses in Smith County.

Eligible Applicants:

  • Businesses located or locating in Smith County that are producing a product or providing a service from which a majority of their sales are derived outside of Smith County. The company should also provide evidence of a financing gap and should have a substantial potential for retention or creation of jobs.

Eligible uses:

  • Working capital
  • Purchase of equipment and machinery
  • Development of land and building
  • Pollution control abatement

Ineligible uses:

  • Speculative activities
  • Loans which assist the relocation of jobs from another labor area
  • Investment
  • Refinancing
  • To provide the equity contribution required for federal loan programs

Loan Particulars:

  • Maximum loan amount is $200,000
  • Minimum loan is normally $50,000
  • Loan ration will be at least two private dollars to one SCRLF dollar
  • Private-sector dollars include private financing from other lenders or equity investment
  • Owner participation will generally be 20% of the total project costs
  • The loan may be subordinated to the primary lender or funding source
  • Interest rate will normally be fixed and at or slightly higher than the national prime rate
  • Loan term will be tied to the life of the assets financed, up to 25 years
  • Working capital loans shall be for five years or less