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Revolving Loan Fund « Back to Search Results Featured Item!
Posted on: February 06, 2017
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The Revolving Loan Fund (RLF) is a program that provides financial assistance to new and expanding local businesses. The purpose of the RLF is to stimulate private investment and create employment opportunities in the City of Orem. Funding for the RLF comes from the Department of Housing and Urban Development (HUD) and the Economic Development Administration (EDA).

The Revolving Loan Fund is the oldest of its kind in the state of Utah. Since the inception of the RLF in 1985, it has provided loans to over 148 Orem businesses, with the total amount loaned recently surpassing $10.2 million. In order to qualify for the RLF, businesses must either be an industrial/manufacturing, commercial, or service business or an owner-user business or a for-profit company.

In addition, to comply with federal funding regulations and to achieve the purpose of the RLF, businesses must show they can meet additional requirements such as providing at least two private sector dollars for every one RLF dollar, using loan money as a source of working capital or financing for the acquisition of machinery or equipment used at the Orem place of business, creating one job for every $35,000 borrowed, and 51 percent of jobs created must pay at least minimum wage and be available to people with a low/moderate income.

Revolving Loan Fund

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Orem was the birthplace of WordPerfect which at one time was a dominant player in the word processor market.