The Regional Business Fund, Inc. (RBF) hereby announces the implementation of the RBF Prioritization Plan, effective immediately.

 

The Prioritization Plan was enacted by the RBF Board to assist staff in managing the flow of loan applications when cash reserves fall below $500,000. The Prioritization Plan provides a clear framework for provision of funding, and ensures available resources are allocated in a strategic and impactful manner to ensure the long-term financial health of the RBF and continued regional support.

 

We are communicating this implementation directly with you—our partners—as well as specifically to the RBF Board of Directors, RBF’s county loan committees, county economic development directors, and other partners. We will also keep the broader community informed through the RBF newsletter and RBF webpage located here: www.rbfinc.org/prioritizationplan.

 

While the Downtown Façade Program will be temporarily suspended until cash reserves exceed $1 million, all other program applications will continue to be processed and underwritten. Approved loans will be reviewed in batches by the RBF Board of Directors, with priority given to applications that meet the highest criteria scores. This will ensure that even in times of reduced resources, there is a commitment to funding high-impact projects, with any unfunded applications eligible for subsequent review.

 

Below are a few anticipated questions - please reach out with any further questions, and we look forward to continuing to partner with you.

 

1. How did the cash available for lending drop below $500,000?

a) RBF funds “revolve”. When loans are approved, funds are disbursed to businesses and repayments are made monthly. RBF does not receive new funds to replenish reserves.

b) RBF programs have remained popular:

a. 2023 – 72 loans closed amounting to $4,382,810

b. 2024 (through Sept. 30) - 50 loans closed amounting to $3,245,955

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2. How long will this remain in effect?

Until cash reserves exceed $1 million, likely 2-3 months

 

3. Are there other funds that could bring the available cash level back to $1 million?

Yes, we are in the process of securing additional grant funds to capitilize a new revolving loan fund program

 

4. Should I still reach out to the RBF if I have a viable project that would’ve been eligible for a Façade Loan?

Yes, please contact Tobi tlemahieu@wcwrpc.org or Amanda aveith@wcwrpc.org directly to discuss your project and the timing of funds.