Business Revolving Loan Program
The Town of Plainfield Business Revolving Loan program is using American Rescue Plan (ARP) Act funding to provide existing businesses in Plainfield, and new businesses relocating to Plainfield with low interest loans, in an effort to stimulate the local economy.
The objective of the Business Revolving Loan Program is to stimulate the local economy by providing financial assistance to local businesses. The businesses must be located in, or relocating to, the Town of Plainfield, which also includes Moosup, Central Village and Wauregan. This program emphasizes the retention of existing businesses in Town, attracting new businesses to Town, and job creation.
The Board of Selectmen will determine the terms of the Loan Agreement based on the recommendations of the Economic Development Commission and the Program Manager. This may include the approved loan amount, interest rate, repayment plan, collateral, special conditions, etc.
Loan requests may not exceed $25,000
Interest rates will not exceed 3%
Applicants be required to prove they are able to secure at least 20% of project costs from other funding sources to leverage their application.
The following are eligible to apply:
- Any business located in Plainfield, regardless of where the owner resides.
- Any established business moving into Plainfield that can demonstrate a strong business model and positive financial history.
- Any fully licensed home occupation business located in Plainfield.
Note: Business owners who live in Plainfield, but own businesses outside of Town are ineligible to apply. Businesses which receive loans but relocate from Town must alert the Town immediately and are expected to fulfill the obligations outlined in the Loan Agreement.
In general, loans can be used for a variety of business-related expenses including:
Purchase or renovation of equipment
Construction/Improvements of real estate. Alteration to any leased property requires written approval by the property owner when applying
Working capital (everyday operations such as salaries or other operational needs)
Loans MAY NOT be used for:
Purchase of rolling stock.
For complete Program details, please review the Town of Plainfield Business Revolving Loan Program Guidelines!
To apply, please complete the Town of Plainfield Business Revolving Loan Application, and return it to the Plainfield Economic Development Department with all required attachments, and application fee.