Revolving Loan Fund
The Fuquay-Varina Economic Development Commission (FVEDC) maintains a revolving loan fund program to assist new or expanding businesses. This program provides loans between $5,000 and $75,000. Loans are subject to availability and must be approved by the FVEDC Board of Directors.
Funds are granted based on the applicant’s ability to pay and the soundness of the proposed project, and are provided for the following uses:
- Operating capital
- Machinery & equipment
- New building construction & renovation
Loan Terms & Conditions
The loan terms and conditions are at the discretion of the FVEDC. Traditionally, interest charged is based on prime rate at closing plus 0.25%. The term of the loan is generally applied by the use:
- Operating capital: 1–3 years
- Machinery & equipment: 1–3 years
- New building construction & renovation: 5–7 years
The business must be located in the Town of Fuquay-Varina's Corporate Limits. Businesses meeting the following criteria may receive funding priority:
- Gross revenues of $1,000,000 or less in a calendar year
- Creation or retention of tax-paying jobs within the Town of Fuquay-Varina Corporate Limits
- Fifty (50) or fewer employees
- Complete and submit the complete loan application.
- Once the loan application is received, the FVEDC will contact the applicant to process application materials and discuss the business proposal.
- The FVEDC Revolving Loan Fund Committee will review the application package to ensure qualifications are met and that the application is complete with all supporting documentation.
- If a loan application is approved by the FVEDC Revolving Loan Fund Committee, the application will be recommended to the FVEDC Board of Directors to vote and authorize the loan application.
- After a decision is made by the FVEDC Board of Directors, an official loan offer letter will be mailed to the loan applicant. If approved, the loan applicant is responsible for retaining an attorney for closing the loan and for any other associated closing costs.