Regional Economic Development Investments, Inc. (REDI)

An outgrowth of the RPC’s economic development efforts was the creation of the regional business and industry revolving loan fund (RLF).   REDI Inc. is an affiliate organization of the Area 15 RPC in that the RPC staff provides administrative oversight of the program. 

REDI Inc., a non-profit corporation, was formed in 1990.  the RLF provides low-interest loan for business/industry retention, expansion and start-up activities.  REDI funds are available for fixed asset and/or working capital loans for activities that create new or retain existing jobs within the Region.  The US Department of Commerce – Economic Development Administration was the initial funding source for this business revolving loan fund; the initial capitalization of the fund was a $450,000 Title IX grant.  Through December 2003 REDI Inc. has extended loans in excess of $ 3.2 million.

REDI Inc. is also assisting local governments in the administration of their local revolving loan funds.  Local RLF assistance can be coupled with REDI loans for a complete business/industry financial package.   As local RLF funds are repaid by business/industry, the proceeds are returned to the local fund to recapitalize it for future loans. 

Business RLF - The purpose of the Regional Economic Development Investments (REDI) Revolving Loan Fund (RLF) program is to provide gap financing to local businesses that cannot secure all of the necessary funding for a project through conventional sources. Eligible loan activities include traditional business loans for expansion or modernization of facilities; purchase of machinery, equipment, fixtures, or leasehold improvements; finance inventory or working capital; to construct, enlarge buildings, or to acquire land to do so.

last updated May, 2009