Frequently Asked  Questions

Who would I contact at Region IV to find out more about these programs? You can call Joe Herring at 208-732-5727 ext. 3003 or e-mail him at joe@rivda.org or write him c/o Region IV Development.
P.O. Box 5079, Twin Falls, Idaho 83303-5079

Are there any forms that I need to fill out to apply for a loan?
You will need an application, call, write us, download it, or come in to receive one. Fill out the application form noting closely the items that are mentioned at the botJoe of page #4.

Do you deal with any grant or "free" money for women or minority businesses? 
Unfortunately, many equal rights groups have effectively eliminated most of the old grant programs due to unfair business competition. Both of the programs mentioned give preference to minority, woman-owned, or veteran-owned businesses, however.

If I am not certain what to do in getting my business started, where could I turn? 
Many small business men and women have limited skills in developing their business either for expansion or as a start-up.  The SBA has developed Small Business Development Centers (SBDC) to assist in providing business plans, cash flow projections, and mentoring programs. The College of Southern Idaho operates a Idaho Small Business Development Center. Their phone number is 208-732-6450.

Can I use "sweat equity" as a portion of my injection requirement?
No.  Neither program allows labor used in conjunction with the construction of a project to be used as part of your "injection" requirement.  The injection must be made with cash or existing land equity in the project site.

Can I use equity in currently owned equipment and/or machinery for injection?
The SBA 504 program does not allow this, although if you sell your current equipment and replace it with newly purchased equipment as part of the project that equity can be used. The RLF program is more flexible about this, but would require a 1st Lien position on that equipment or machinery.

Can I participate in either of these programs if the location of my project is outside your region?
With the SBA 504 program, we can fund projects anywhere within Idaho, however, to go outside or our eight-county region, we normally want an owner who lives in our region, banks in our region, and/or the accounting is done in our region. The RLF must be within our region.

What is the process to get a loan through either of these programs?
Once all the information is received, the loan officer packages the loan request and receives a commitment letter from the participating bank.  The package is then sent out the Region IV Loan Committee one week prior to their meeting.  The borrower then goes before the Committee and the loan is either approved or rejected immediately following the meeting. If the project is approved the SBA 504 packet is signed and sent to Boise for Authorization or the RLF request is then written up as a RIVDA Authorization issued to the Borrower(s). Following receipt from the borrower of the signed Authorization, the RLF is then funded to the borrower, usually within five days or the SBA 504 is processed by the participating lender for the interim loan amount.

How long does the process take?
Once the office has ALL of the items on page #4 for the application, it takes approximately 2 weeks for a Committee meeting, and then another week to two weeks for fund availability.

More questions?  Just call and ask!  208-732-5727.