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How it Works

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The Loan Application Process
  • 1 Click the Get Started button below to start your application online. The first step is a quick introduction where you'll tell us a little about yourself, your plans, and your needs.
  • 2 After you send your introduction to us, you'll get a checklist of the information & supporting documents you'll want to gather before you officially begin the application process. You'll also be invited to chat with the loan officer so you can ask all of your questions.
  • 3 If you need a business plan or financial projections, we encourage you to create an account with LivePlan. In fact, we may even send you a link so you you can create an account for free. Learn more about Live Plan here.
  • 4 Feel free to reach out anytime while your assembling your supporting materials. We're here to help.
  • 5 Once you have your documents gathered, you can begin submitting them either online or to our office. At this time, you will pay the non-refundable, $50 application fee.
  • 6 Once your application is submitted, the loan officer will contact you if we need additional items or signatures.
  • 7 Please allow 90 days after submitting your application for the loan committee to review and make a lending decision.
Frequently Asked Questions

How is the Rural Opportunities Loan Fund (ROLF) funded?

ROLF is funded from several sources, including the US Department of Commerce/Economic Development Administration (EDA, United States Department of Agriculture (USDA)/Rural Development, and the Washington State Department of Commerce.

How much funding is available?

Loans of $500 to $250,000 are available depending on the location of the business/the intended use of funds/loan funds used.  We can finance a maximum of 75% of the total business project. The loan amount is subject to the business’s ability to meet applicable job creation guidelines.

What can loans be used for?

Our loans can finance the purchase of land/real estate, working capital, and equipment.  Loans cannot be used for: refinancing (unless the refinancing is necessary for the business to remain or become viable); payment of tax obligation; or making payments on existing debt, which includes payments on other loans.

What areas does ROLF serve?

Ten Eastern Washington counties, including Adams, Asotin, Ferry, Garfield, Grant, Lincoln, Pend Oreille, Stevens, Whitman, and (rural) Spokane counties.

What information is required to apply for a loan?

To qualify for the Rural Opportunities Loan Fund, you must present a rejection letter from a bank or other lending institution. We also require that applicants submit a completed Loan Fund Application and supporting documentation, including a business plan, personal and business financial information, pro forma financial projects, and the current valuation of your collateral. There is a non-refundable, $50 loan application fee.

How are applications reviewd and approved/denied?

Applications are reviewed by a Loan Committee which has final loan approval authority.  Applications are reviewed based on each potential borrower’s credit listing, character, collateral, business plan, ability to repay the loan, and the economic impact on the community.

Are ROLF loans low interest loans?

Not necessarily.  ROLF provides funding to businesses that are unable to secure adequate financing from conventional sources; we are not a subsidized, low-interest program.

This institution is an equal opportunity provider and employer.  This is an Equal Opportunity Program. Discrimination is prohibited by Federal Law.  Complaints of discrimination may be filed with the USDA, Director, Office of Civil Rights, Washington, DC 20250

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