ETRAP RLF


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.