The Lake Country Development Corporation funds investments that are for the establishment of new industries, assistance for existing locally-based industries, innovative and job-creating economic uses and activities, and to fill a gap in the existing local financial market in the Virginia counties of Brunswick, Halifax and Mecklenburg.
Loan Amount - $50,000 - $250,000
Uses of Funds
- Purchase of land, buildings, machinery and equipment
- Land improvements
- Renovation or major additions to existing buildings
- Construction of new buildings
- Working Capital
- Working Capital - five years
- Working Capital Loans - The applicant will have existing new working capital (current assets will exceed current liabilities) of at least 15% of the applicant's total working capital needs.
- Fixed Asset Loans - Up to 25 years, depending on the life of the assets financed
- Fixed Asset Loans - The applicant will provide in the form of equity a minimum of 15% of the total cost of the project.
- No revolving fund loan will cover more than 75% of the total project costs, nor, except in unusual circumstances, will a loan constitute 100% of the debt-financed portion of a project. It is the general policy of LCDC to loan the minimum amount needed to elicit financing from other sources, in order to assist projects that would not otherwise be financed.
Interest - 3% below the Prime Rate. No less than 5%.