Revolving Loans

The objective of the Revolving Loan Fund (RLF) program is to provide small businesses with the financing in rural communities that cannot be found through other traditional lending sources. This financing will help to provide long-term economic growth through job creation and retention, which in turn will help to alleviate long-term unemployment problems in affected areas.

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Meet Katie

In this video our Senior Closing and Servicing Specialist walks you through how Altura can help your small business.

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Loan Amount

Eligible loans range from $5,000 up to $250,000. In most cases, we partner with a bank that typically provides 50% of the financing. The borrower contributes between 10-20% and Altura funds the remaining percentage.

Borrowers

Eligible borrowers are usually small businesses seeking to expand or retain their employee base, and fit the SBA small business criteria of size. The USDA does allow for non-profit companies and public entities.

Eligibilty

Eligible projects include building and plant acquisition, new construction, partner buy outs, renovation or expansion, machinery, equipment and fixtures, inventory and receivables, along with some working capital.

Collateral

All RLF loans, with the exception of Microloans, require sufficient collateral coverage for the amount of the loan, and may include any acceptable tangible business asset, as well as company and personal guarantees.

Current RLF Interest Rates starting at 7.25%

Interest rates are determined by considering several factors including: type of financing, loan duration and financial strength of the business

hear from a business altura assisted

New West Knifeworks

“Altura is set up to help small businesses succeed”

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Available Funds and Eligible Areas

USDA IRP RLF

All nine counties, including Bonneville, Butte, Clark, Custer, Fremont, Jefferson, Lemhi, Madison and Teton, with the exception of the City of Idaho Falls.

EDA RLF

Nine counties, including Butte, Clark, Custer, Fremont, Jefferson, Lemhi, Madison, Teton and Idaho Falls.

Local RLF

All counties in Idaho.

Headwaters RLF

Three counties, including Butte, Custer and Lemhi.

Rexburg RLF

The City of Rexburg.

Microloan RLF

All counties in Idaho.

Businesses Altura has helped finance

Jory Inama Insurance

Ferguson Violins

BlackFoot Eyecare

Chockecherry Ridge

Stoney Court Playcare

RCIM Properties LLC

“The EDA grant to Altura will help provide resources to assist in the growth of small businesses in east Idaho.”

Senator Mike Crapo

“We have loved working with Altura Business Finance over the past 13 years! It’s been great working with a company who understands small businesses, and who is willing to work with us and be flexible as needed in regards to our loan.”

Courtney Packard

MADISON GYMNASTICS

“Altura is hands down the best people we have ever worked with. We say people because we think of them as people and friends, not a big business or corporation. They have our backs and want us to succeed. When we started with them, we were a new small business, and started renting 1 small office room in their building. From there we grew and started renting 2 and then 3 offices. When it was time to start thinking about building and owning our own office space, Altura was the first company we turned to. They supported us through the whole process and made every step easy and doable. From top to bottom Altura Business Finance has been there for us and we are so grateful for them. We highly recommend them to everyone.”

Sean and Spring McDonald

BLUE SEAL ENERGY & JUMP START SPORTS ACADEMY

We turned to Altura to help us fund our dream. The process was smooth, and the customer service was fantastic! We definitely couldn’t have made it all happen without their assistance.

jl & lisa parker

KIMBAL OIL & GAS

“Our locally owned family business is so thankful for the startup help that we got from Altura Business Finance. It was a great kickstart to our new business. Generations of our family and employees will benefit from the terms. The customer service is excellent. We look forward to a lifetime of a business relationship with them.”

DARREN AND AMY RAE RHOADES

THE YARD BUTLER

“Thanks to Altura Business Finance my dreams of creating a successful veterinary practice came true. They talked to me on a personal level about my plans for financial success. I felt like everyone I dealt with at Altura had an open and honest conversation with me about the potential I saw in purchasing and improving my veterinary practice. I saw the practice’s potential and was only able to make it a reality with their financial support. It was so much better and different than the typical lender experience and when no lenders would listen to my business plan Altura did listen and believed in my ability to succeed. I would not be the owner of a thriving veterinary practice today that supports my employees and community if it had not been for the support of Altura.”

maura connolly anderson DVM

VICTOR VENTERINARY HOSPITAL

Frequently Asked Questions

How does the Altura RLF loan program differ from the SBA 504 program?

The RLF loan program has similar purposes and eligibility requirements as the 504 program. Our internal revolving loans also offer fixed interest rates and low down payments. The primary difference between the RLF and 504 program is that the loan goes through our internal board for review and final approval and does not advance to SBA.

How long is the approval process?

Our internal review of the loan can take anywhere from 2-4 weeks from the time that we get a full application. After that, the loan will be reviewed by our board which takes about a week. This timeline is dependent on several different factors and can vary.

Are there any prepayment penalties?

This is another differing factor from the 504 program in which, there is no prepayment penalty for our RLF loans.

What types of projects are eligible for the RLF Program?

Similar to the 504 program- the revolving loan fund is primarily used for fixed asset lending but can also be used for business purchases and other collateralized financing.

What are the minimum and maximum loan amounts?

Most of our RLF loans are made by partnering with a bank partner (like in the case of an SBA 504 loan). Altura’s portion of the loan typically ranges from $5,000-$250,000.

What is my loan balance?

Contact Leslie Giles for information regarding your loan balance.

leslie@alturaidaho.com

Phone: (208) 589-6350