Alleghany Highlands Economic Development Corporation
Revolving Loan Fund
Thank you for your interest in the Alleghany Highlands Economic Development Corporation Revolving Loan Fund (AHEDC/RLF).
The loan fund has been established by a grant from the USDA Rural Development and is designed to assist small businesses in the Alleghany Highlands. The fund is administered by a committee compiled of members of the AHEDC and area business owners.
The recipients of an AHEDC loan will seek and receive technical assistance from the AHEDC prior to submission of a loan application. Upon recommendation for review by the AHEDC, the loan application will be reviewed by the loan committee. As a condition of approved loan application, the business owner will agree to continue to meet with the AHEDC for a 12 month period to review the financials of the business.
You may apply for a loan not to exceed $10,000, for a maximum Term of 3 years. The interest rate is Prime less .25%. Repayment is made monthly based on a straight amortization schedule.