What can the funds be used for?
Projects must be a for-profit business and located in a commercial or industrially zoned area. Loan proceeds can be used for fixed assets including land, building, machinery, and equipment (no working capital).
Loan Amounts:
Minimum = $50,000
Maximum = $150,000
*Certain exceptions apply.
Other Fund Required:
At least 55% of project financing must come from a private lender or private equity.
Interest Rate:
Determined by market conditions at loan closing.
Term:
Maximum of 10 years for machinery and equipment;
Maximum of 15 years for real estate.