The Wood Products Revolving Loan Fund (WP RLF) provides loans to businesses in the wood products industry to create or retain jobs, targeting areas where timber jobs are most threatened, particularly in counties with lumber mills and other related facilities. WP RLF loans are available from two distinct programs:
State Wood Products Revolving Loan Fund
State WP RLF loans are available to individuals, including private contractors, or small businesses, as defined by the Small Business Administration, that are part of the critical, primary wood processing infrastructure and have suffered economic hardships. State WP RLF loans may be used for the following:
- Working capital
- Purchase or lease of land or equipment
- Updating infrastructure
- Debt service
Currently the State WP RLF has $605,000 available for lending.
Economic Development Administration Wood Products Revolving Loan Fund
EDA WP RLF loans are available to individuals, including private contractors, and wood products businesses, that are part of the critical, primary wood processing infrastructure and have suffered economic hardships. EDA WP RLF loans may be used for the following:
- Working capital
- Equipment loans
- Other activities that do not include contracted labor and construction
The maximum funding amount is $20,000 per created or retained job, and may not exceed $2 million. Loan recipients may not apply for another WP RLF loan until two years after the date their previous loan was approved.
Currently the EDA WP RLF loan fund has $1,284,000 available for lending.
Potential applicants are encouraged to contact WP RLF Program Staff to discuss their proposed project.