| Since its inception in 1995, REDC has forged partnerships with local and federal governmental agencies, along with several commercial banks to foster the formation and expansion of small businesses lacking access to traditional bank financing, in order to create jobs and increase the flow of credit and capital to targeted low-income communities served by our lending activities. |
| In 1998, REDC became a licensed financial intermediary of the U.S. Small Business Administration's (SBA) microenterprise development loan program, which funding has facilitated the offering of our highly-recognized "Creating Winning Entrepreneurs" training course, financing, and delivery of technical assistance services to startup and existing small businesses. This program has a maximum loan of $35,000. |
| In 2000, REDC became certified by the Community Development Financial Institution (CDFI) Fund, an agency of The U.S. Department of the Treasury, which funding eventually led to the establishment of our Business Enterprise Zone Loan (BEZL) program in late 2003. This program has a maximum loan of $250,000. |
| In 2004, through a strategic alliance with the City of Richmond, REDC commenced offering the Neighborhoods In Bloom (NIB) revolving loan fund for small businesses in designated areas of Richmond. This program has a maximum loan of $50,000. |
| In July 2006, REDC became a 504 Certified Development Company (CDC) under the auspices of the SBA, which allows us to lend statewide, but with the primary market being small businesses in the Richmond/Petersburg MSA. The maximum loan could range between $1.5 million and $4 million, depending upon the type of business, when combined with a 50% private sector loan.. |
| Through these strategic alliances and products, REDC has provided financing to 623 small businesses aggregating in excess of $21 million, which has created/retained over 4100 jobs by the end of fiscal year 6/30/07. |
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| FLEXIBLE FINANCING: |
| Through our various loan programs, we can provide financing for working capital, the purchase of machinery and equipment, and financing for acquiring and renovating "owner-occupied" commercial or mixed-use properties. We offer higher loan to value, affordable and competitive interest rates, and flexible repayment terms. |
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