The RFL is a collaborative effort by Mainspring of Ephrata and Ephrata National Bank (ENB). Mainspring established the program to support our initiative of enhancing our downtown area, while ENB utilizes its lending expertise to originate and book the loans.
How does the program work?
The program provides loans up to $100,000 for uses like equipment purchases, building upgrades, and business acquisitions. Applicants need just 10% down and Mainspring loans a minimum 10% as well. There are no origination fees, only minor third-party costs. Approved applicants even get a discount off the Bank’s small business rates.
To qualify, applicants must have solid credit and management ability. The business must be compatible with community objectives and current on taxes. Review criteria focus on overall economic impact, including job creation, industry diversification, and increasing productivity.
Mainspring guides applicants through the streamlined application process as our review committee screens potential borrowers through interviews focused on business plans, experience, goals, and more. This helps ensure loans support viable ventures poised for growth.
Programs like the RLF are critical for towns like Ephrata. Small business is the backbone of our local economy. When existing enterprises expand and new ones launch, it creates jobs and opportunity. The RLF provides access to financing that may not be available otherwise, enabling entrepreneurs to turn ideas into reality.
The RLF also highlights the importance of community institutions like Mainspring and Ephrata National Bank. As a non-profit dedicated to downtown revitalization, Mainspring’s mission aligns with supporting local ventures. Meanwhile, ENB supports community development through many of its programs and lends its expertise in responsible financing. In the end, the RLF is about more than just loans. It represents the community coming together to invest in its future. When local businesses thrive, the whole town benefits, helping us to retain our character while continuing to move forward, and empowering entrepreneurs to turn passion into progress. This is how strong communities are built and sustained.
For complete details and eligibility, visit the Revolving Loan Fund Page.