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.