Supporting local businesses and economic diversification
TARCOG has partnered with Neighborhood Concepts, Incorporated to administer our Revolving Loan Fund through the North Alabama Revolving Loan Fund, LLC.
The Loan Fund provides loans ranging from $5,000 to $250,000 to small businesses and non-profit organizations in north Alabama. Eligible uses include machinery & equipment; working capital; leasehold improvements; real estate acquisitions or rehab; business acquisitions, and the refinance of higher-interest business debt.
Funding Parameters
Eligible Activities
Purposes/Targeted Businesses
Funding Parameters:Small businesses
with 100 or less employees, or non-profit organization
Eligible Activities:Commercial land and building acquisition
Purposes/Targeted Businesses:Start-ups
Funding Parameters:Loan amounts of $25,000 – $200,000*
(*can potentially be paired with NCI loan funds for a higher loan amount)
Eligible Activities:Constructions, renovation, or repair of commercial building
Purposes/Targeted Businesses:Rurally located
Funding Parameters:5 – 20 year loan terms
Eligible Activities:Machinery and equipment purchases
Purposes/Targeted Businesses:Women, minority, veteran, or LGBTQ+ owned
Funding Parameters:Interest rate
depending on credit risk rating and current prime rates. Minimum: 5% Maximum: 10%