The Vale Revolving Loan Fund was created in 1986 from the repayment proceeds of a Federal Urban Development Action Grant which built the Eagle-Pitcher Minerals Plant. The money was borrowed from the Federal Government but paid back to the city. The city, for its part, was to use the money to create a revolving loan fund to assist local business. The purpose of the Revolving Loan Fund is to make economic-development loans to local businesses which result in the creation of additional private-sector employment in the City of Vale or Vale School District, and for such other legal purposes as are approved by the City Council. The initial loan amount was $1,000,000.
Interested parties can complete a preliminary application which will then go to the RLF Committee for initial approval. The city council will then vote on final approval.
To read more about the Revolving Loan Fund view the Section 01 – Administrative section of city code.