Lake Country Development Corporation (LCDC)

 

LCDC was chartered in 1981 for the purpose of administering a Title IX Revolving Loan Fund granted through the Economic Development Administration to Southside Planning District Com­mission.  The original grant was $500,000, which has been recapped three times.  This program now provides $1.25 million in grant funds to leverage other public and private funds for the purpose of economic and industrial job-creating endeavors for the three-county area.  A separate pool of money became available in 1994 when Rural Development provided $300,000 to LCDC through the Interme­diary Re-lending Program (IRP). LCDC must repay these funds to Rural Development at 1% interest over 30 years. 

 

The overall purpose of the Revolving Loan Fund is to provide financing for the establishment of new and expanding industries, as well as innovative and job-creating economic uses and activities.  It is also intended to fill a gap in the existing local financial market making the RLF the lender of either last resort or the money to attract other lenders.  

Southside Planning District Commission

200 S. Mecklenburg Ave. South Hill, Virginia 23970

(434) 447-7101 www.southsidepdc.org