Rural Community Revolving Loan Fund (RCFRLF)

How does the Rural Community Revolving Loan Fund affect Florida businesses?

The Rural Community Development Revolving Loan Fund (RCDRLF) is a financial program that provides low-interest loans to promote economic development in rural areas. Florida governments use this fund to support the creation or expansion of businesses, providing an economic incentive for investment and job growth in rural communities. The potential effects on Florida-based businesses include increased access to capital, support for business growth, and improved economic conditions in rural areas.

Need help regarding economic development incentives? Schedule your consultation today with a top economic development attorney.

Which Florida and federal laws and regulations apply to the RCDRLF?

The Florida Rural Economic Development Initiative (REDI) facilitates economic development in rural areas. While RCDRLF is a federal program, REDI coordinates with it to support state rural economic development. Additionally, the Florida Department of Economic Opportunity (DEO), under Section 288.065 of the Florida Statutes, facilitates the use of RCDRLF funds.

Federal regulations governing the RCDRLF are in Title 7 of the Code of Federal Regulations (CFR) Part 4280. This part outlines the program’s requirements, eligibility criteria, and application procedures, guiding rural communities and businesses seeking to access these funds. By understanding and complying with state and federal laws and regulations related to the RCDRLF, Florida businesses can maximize their chances of receiving financial support and contributing to the growth and development of their rural communities.

Which Florida businesses qualify for the RCDRLF?

To be eligible for the RCDRLF, an entity must:

• Be a unit of a local government or an economic development organization substantially underwritten by a unit of local government; and
• Within a county with a population of 75,000 or fewer;
• Within any county with a population of 125,000 or fewer, which is contiguous to a county with a population of 75,000 or fewer; or
• Within a rural area of opportunity.

When a set of facts is appropriate to meet the requirements of the RCDRLF, there are many paths a claimant may take. We are value-based attorneys at Jimerson Birr, which means we look at each action with our clients from the point of view of costs and benefits while reducing liability. Then, based on our client’s objectives, we chart a path to seek appropriate remedies.

To determine whether your unique situation may necessitate litigation, please contact our office to set up your initial consultation.

What are the strategic benefits for qualifying Florida businesses?

• Access to Low-Interest Financing: The RCDRLF offers low-interest loans, making it more affordable for businesses to invest in expansion or improvements.
• Flexible Repayment Terms: The loan fund provides businesses with tailored repayment terms, allowing them to manage their cash flow more effectively.
• Job Creation and Retention: By promoting economic development in rural areas, the RCDRLF supports job creation and helps retain existing jobs in these communities.
• Strengthening Local Economies: When businesses grow and succeed, they contribute to the overall economic health of their local communities, which benefits other businesses and residents in the area.
• Leveraging Additional Funding Opportunities: Access to RCDRLF funds may make businesses more attractive to other lenders and investors, potentially opening up additional financing opportunities.
• Enhanced Reputation: Businesses can improve their reputation and demonstrate their commitment to their local communities by participating in a program designed to support rural economic development.

Please contact our office to set up your initial consultation to see what actions or defenses may be available for your unique situation.

Have more questions about an economic development-related situation?

Crucially, this overview of the RCDRLF does not begin to cover all the laws implicated by this issue or the factors that may compel the application of such laws. Every case is unique, and the laws can produce different outcomes depending on the individual circumstances.

Jimerson Birr attorneys guide our clients to help make informed decisions while ensuring their rights are respected and protected. Our lawyers are highly trained and experienced in the nuances of the law, so they can accurately interpret statutes and case law and holistically prepare individuals or companies for their legal endeavors. Through this intense personal investment and advocacy, our lawyers will help resolve the issue’s complicated legal problems efficiently and effectively.

Having a Jimerson Birr attorney on your side means securing a team of seasoned, multi-dimensional, cross-functional legal professionals. Whether it is a transaction, an operational issue, a regulatory challenge, or a contested legal predicament that may require court intervention, we remain tireless advocates at every step. Being a value-added law firm means putting the client at the forefront of everything we do. We use our experience to help our clients navigate even the most complex problems and come out the other side triumphant.

If you want to understand your case, the merits of your claim or defense, potential monetary awards, or the amount of exposure you face, you should speak with a qualified Jimerson Birr lawyer. Our experienced team of attorneys is here to help. Call Jimerson Birr at (904) 389-0050 or use the contact form to schedule a consultation.