What Happens When You Apply for Funding
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.
Application & Supporting Documentation
The purpose of the application is to determine eligibility. As such, the application asks only for basic information.
You may submit your application online. 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.
Supporting documentation pertinent to the proposed project or activity may include, but are not limited to, business plans, product information, brochures, nontechnical engineering information, drawings, maps, etc.
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 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 decide.
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 the 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.
Return of Documents
If you want applications, supporting documentation or any proprietary information returned to you, you must pick them up at the RDA offices within five days of your presentation. Documents left longer than five days will be shredded without notice. The RDA does not ship documents.