1. All principal and interest will be paid back into the Clay County Revolving Loan Fund. A processing fee of $10.00 per payment will be included in the loan payment. All payments will be automatically debited from the borrower’s checking account on the 15th of the month.
2. It is recommended there be a maximum 10-year payback on a loan from the RLF.
3. The Clay County Revolving Loan Fund committee and the applicant and/or their designated representatives will negotiate loan terms.
4. The recipients of the Revolving Loan funds must personally guarantee the loan.
5. The company or individuals receiving Revolving Loan funds must maintain life insurance on the owners with the Clay County Revolving Loan Fund named as beneficiary for the balance of the loan outstanding.
6. If the recipient of the Revolving Loan funds moves the funded business from Clay County, fails to comply with any provision of their specific loan agreement, or any portion of these guidelines, or fails to meet job creation/retention goals offered as justification for use of RLF funds, the Clay County Revolving Loan Fund committee reserves the right to call the loan due, accelerate payment, or utilize other remedies to enforce compliance.
7. Interest rates and project terms may be based on the following criteria:
Interest rates will be reviewed and set by the Clay County Revolving Loan Fund committee for each application.
The term of the loan will also be at the discretion of the committee.