CDFI / General Fund
- Site purchase and development, new construction and rehabilitation of buildings (with substantial occupancy or lease commitments);
- Business acquisition, expansion and conversion;
- Working capital, (including Export/Trade and Research and Development activities);
- Machinery and equipment acquisition; AND
- Conversion and modernization.
Maximum Loan Amount: 33% of the total project costs up to a maximum participation of $200,000 to any one Borrower.
- Business assets, real and personal;
- Mortgages, commercial and personal;
- Personal guaranties; AND
- Assignments of: life insurance, stock and leases.
Term: Negotiable based upon cash flow of business or life expectancy of assets financed (typically 5 years), not to exceed twenty (20) years.
Interest Rate: Negotiable based upon cash flow of business and risk of credit, fixed for the term of the loan, not to exceed Prime plus seven (7) percent.
Job Requirements: No specific requirements; semiannual reporting on number of permanent, quality jobs that were created or retained.