By MONICA ZUÑIGA
Staff Writer
reporter@sbnewspaper.com
The San Benito Economic Development Cooperation has established a Revolving Loan Fund Program with the assistance of the United States Department of Agricultural – Rural Development.
The RLF is a self-sustaining program, according to city officials.
An initial pool of money is taken and lent out. From there, the interest gained on the initial loans is used to give more loans to other businesses. Thus the “revolving” effect of money is created.
Long terms and conditions will vary with the project, and financial need and type of assets will be used as collateral, according to city officials.
For more on this story, pick up a copy of the July 18 edition of the San Benito News. Or view our E-Edition by clicking here.
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