Southside Planning District Commission

Serving Brunswick, Halifax, & Mecklenburg Counties, and the towns of South Boston & South Hill, VA

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

Terms

  • 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%.

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