Application Process

The Regional Development Alliance considers applications for funding without regard to race, gender, or religion. We will consider any business that meets legal standards and proper and reasonable standards of safety, risk, environment, economic impact and investment return.

The RDA does not give grants to businesses. The RDA does not offer interest free loans. The RDA is not a rapid lender. Our process may take as much as 60 days to finalize a decision. If you require funds immediately we would be happy to direct you to other potential options.

Please refer to the specific loan application for complete details of requirements and restrictions.

Application

You may submit your completed application and supporting documentation by email. You may also mail or bring 18 copies of your completed application and supporting documentation to the Regional Development Alliance, Inc. Please do not bind applications in 3-ring binders.

The purpose of this application is to determine eligibility. As such, the application asks only for basic information.

Presentation

Once your qualified application has been received you will be scheduled to make a 30-minute presentation to the Loan Committee to talk about your business plan. The purpose of the presentation is for the Loan Committee to decide whether or not to pursue due diligence.

Due Diligence

Due diligence is simply a very detailed analysis of your business or business idea. The due diligence process may include personal and business background and credit checks, a look at your personal and business financial history, analysis of your management team, an assessment of your marketing and sales plans, and many other observations that will help us make a decision.
Due diligence requirements vary based on the number of years you have been in business. Please contact us for a complete list of information required for due diligence for your particular business.

Final Decision

Once we complete our due diligence process, a final report will be issued to the Loan Committee. The Loan Committee will make the final decision to approve or deny your request. Depending on the type of financing requested, the Committee’s final decision is usually communicated to you within one week of the meeting in which the decision is made.

Fees

Please note that a 1.5% origination fee and a 0.5% servicing fee are charged on all loans. In most cases borrowers will need to pay the fees upfront at time of closing or have fees withdrawn from the loan proceeds. In some cases, the fees may be added into the loan, amortized and included in the monthly payments.