Revolving Loan Fund

The Lake Champlain - Lake George Regional Planning Board operates a regionally based Revolving Loan Fund (RLF) program that provides financing to support the growth of small businesses through the five-county area. The Loan Fund provides low cost, short term financing to businesses that are unable to obtain conventional bank financing. Since its inception, over $13 million in loans have been made for start-ups and business expansions in the region.

The Regional Planning Board operates three loan funds that were originally capitalized by grant funding from the US Department of Commerce.

Year Capitalized Original Grant Amount Service Area Special Considerations
1985 $1,000,000 Clinton, Essex, Hamilton, Warren, Washington, Jefferson, Lewis, St. Lawrence Counties Funding also available for businesses within the Black River – St. Lawrence region
1988 and 2000 $716,287 Clinton, Essex, Hamilton, Warren Washington Counties N/A
2012 $800,000 Clinton, Essex, Hamilton, Warren Washington Counties Must be used for business that have been negatively affected by storm events or for projects that will assist a business in becoming more resilient towards storm events

All types of business ventures are eligible to receive assistance, however, the program targets small to medium businesses that are locally owned and operated. Special consideration is given to businesses that provide full-time, year-round employment. Creation and retention of jobs are of equal importance. Projects that involve redevelopment of unused or vacant buildings are especially attractive, as well as projects that will assist in revitalizing community, downtown areas or economic districts. Also taken into consideration will be projects that will create the types of jobs that are appropriate for the existing labor pool.

The following activities are eligible for the use of RLF funding:

  • Purchase of vacant property or existing facilities;
  • Improvement of land;
  • Rehabilitation and renovation of existing property;
  • Expansion of current business property;
  • Lease-hold improvements and acquisitions;
  • Purchase of machinery, equipment, and inventory;
  • Working capital loans where employment is created/retained; and
  • Start-up costs.

To ensure loan funds are used wisely, applicants are asked to demonstrate how their project meets the economic development needs of the region. Projects are then evaluated based on community need, local capacity, and project impact and readiness. Applications are processed on a first come, first served basis and subject to availability of RLF funds.

To learn more about the LCLGRPB’s Revolving Loan Fund, please read the 2018 – 2022 Revolving Loan Fund Management Plan.

All loan applications are presented to the LCLGRPB RLF Loan Administrative Committee for review. Applicants are required to attend the review meeting to discuss their application with the committee.

Applications can be emailed, mailed or hand-delivered to:

Lake Champlain – Lake George Regional Planning Board
1 Lower Amherst Street
PO Box 765
Lake George, NY 12845
lclgrpb@verizon.net

Please follow all the instructions on the application to ensure your application package is complete. Only complete application packages will be reviewed by the Loan Administrative Committee.   

Need help pulling your application together and don’t live near the LCLGRPB offices in Lake George, Warren County? Visit our local economic development partners:

Quick facts about the LCLGRPB’s Revolving Loan Fund

  • $20,000 - $150,000 loan amounts
  • Variable interest rates
  • Must have been rejected for conventional financing
  • Loan Terms:
    Brick and Mortar and Real Estate: 10 – 15 years
    Machinery and Equipment: 5 - 10 years
    Working Capital: 5 – 10 years
  • All borrowers are encouraged to provide 10% cash equity
  • Sufficient collateral required
  • Personal guarantee required
  • $250 non-refundable application fee due at time of submission
  • 2% closing fee

Click here for the Application

Click here for the Fact Sheet