A Region Connected

Serving Buchanan, Dickenson, Russell, and Tazewell Counties in Virginia
Cumberland Plateau Planning District Commission
Serving Buchanan, Dickenson, Russell, and Tazewell Counties in Virginia
Cumberland Plateau Planning District Commission

The Cumberland Plateau Planning District Commission administers a Revolving Loan Fund (RLF) for Buchanan, Dickenson, Russell, Tazewell, Lee, Scott and Wise Counties and the City of Norton. Recently, the Cumberland Plateau Planning District Commission was awarded $700,000 of additional RLF funding by the U.S. Economic Development Administration (EDA) to assist in recovery efforts from the COVID-19 pandemic. This additional funding is available through June 30, 2022.

Due to unique challenges and impacts that the pandemic has made on our business community, EDA is allowing us to waive certain requirements and change others to make it possible for businesses to access RLF loans with more favorable terms. All of this, of course, is aimed at accelerating economic recovery in our service area.

In order to assist business expansion and new job creation, the RLF administrator can take subordinated liens in order to enhance financing from conventional sources. RLF monies are also available to public entities, but preferably for not more than 20 percent of the total loan fund portfolio.

All loan applications are reviewed by the RLF Committee, which in turn makes loan recommendations to the Cumberland Plateau PDC Board of Directors for final approval.

Loan Limits
Maximum $250,000
Minimum $10,000

Maximum Repayment Period
10 years

Eligible Costs:

> Land Costs: engineering, legal, grading, testing, site mapping and related costs associated with acquisition, plan and site preparation.
> Building Costs: real estate, engineering, architectural, legal and related costs associated with  construction and rehabilitation of buildings.
> Machinery and Equipment Costs
> Working Capital Loans: Limited to 50 percent of total loan portfolio. (Personal guarantees are required)
> Adequate Contingency Reserves.

Application Requirements:

> Applicant must provide a minimum of 15 percent equity of the total project cost.
> Collateral: liens on fixed assets. (May be subordinated) Personal guarantees may be required. 
> Loan Limits Per Project: Up to 100 percent of total project cost.
> Legal Costs: One percent of loan.
> Loan Administration Fee: one percent of loan. (May be waived) 
> Job Cost Ration: Minimum $20,000, Maximum $35,000 loaned per job created.

Click Here to downlad the Cares Act Loan Application   

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          CARES ACT