East Texas Rural Access Program (ETRAP) Revolving Loan Fund
The East Texas Rural Access Program RLF is primarily for the healthcare industry in a thirty-eight county area and was established in 2003 with initial funding from the Robert Wood Johnson Foundation for $500,000 and a USDA Rural Business Enterprise Grant for $200,000. This fund has the following loan terms:
• Minimum Loan Amount- $25,000
• Maximum Loan Amount- $150,000
• Loan Term- 5-20 years
• Rate – Floating Prime rate plus 1%
• Collateral- real estate, equipment, accounts receivable
• Equity Injection- 25%
• Purpose – inventory, working capital, equipment and real estate
• Job/loan ratio- none
This is a new program with funding from the Robert Wood Johnson Foundation and the U.S. Department of Agriculture. The ETRAP RLF is managed by the North East Texas Economic Development District Inc.