Since 1990, the City of Troy has supported local business and economic development through several loan programs. The Small Business Development (SBD) and Community Development Block Grant (CDBG) Revolving Loan Fund (RLF) serves as a "gap financing" program, designed to assist businesses that have a primary lender in place but need additional capital to make projects viable.

These low-interest loans help increase job creation, promote infrastructure investment, retain existing businesses, and aid companies that may struggle to secure financing through conventional means. Because the fund “revolves,” repayments are paid into the same fund to support the next qualifying Troy business. Since 1990, City Council has issued more than 70 loans, totaling over $11 million in local investments.

Over 35 years, only two borrowers have defaulted on these loans. However, staff are currently looking into several potential defaults related to a single group of investors. The City is working to collect approximately $400,000 in RLF funding from a now-defunct business owned by this group.

Thanks to diversification across many qualified businesses, the RLF remains healthy. As of now, 21 active loans are supporting local businesses, with over $3 million circulating in the local economy to fund business expansion, equipment purchases, or renovation projects that led to more local jobs and investments.

The City of Troy’s Revolving Loan Fund has proven to be a reliable tool for growth in our community. With a long history of success, a strong repayment record, and millions of dollars still at work in the community, the program continues to support local businesses. More information is available at www.troyohio.gov/loans.