LCDC logoThe Lake Country Development Corporation (LCDC) is a non-profit 501 (c)(3) organized in 1981 that provides low-interest financing for local economic development needs through two revolving load funds from the Economic Development Administration and USDA Rural Development. The funds 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.  LCDC has closed 67 loans resulting in the retention of 144 jobs and the creation of 1,858 jobs.  Over $10 million in revolving loan funds has been leveraged with over $11 million in local match or other public funding and over $48 million in private funding or new equity resulting in a leveraging ratio of five private dollars to one federal dollar.

Loan Amounts

  • EDA Pool: $40,000 - $400,000 (1 job must be created/retained for every $40,000 borrowed)
  • IRP Pool: $40,000 - $125,000
  • Microloan Pool: up to $40,000

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 or Microloan Loan Requests: five years
  • Fixed Asset Loans: Life of the assets financed
  • Equity Requirements: The applicant wil provide in the form of equity a minimum of 10% of the total cost of the project. For working capital loans, the applicant will have existing net working capital of (current assets will exceed current liabilities) at least 15% of the applicant's sotal working capital needs.
  • Security: Lien on fixed assets and personal guarantees. On Microloan requests, security will be determined on a case-by-case basis.
  • 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.


  • EDA Pool: 3% below prime with a floor of 3%
  • IRP Pool: 3% below prime with a floor of 4%
  • Microloan Pool: 3 points above prime

Application Forms

Please download the appropriate application form below, complete it, and email it to Sangi Cooper at

document EDA or IRP Loan Application (143 KB)

document Microloan Application (81 KB)