The General Business Loan Fund focuses on assisting commercial and industrial businesses that create jobs with loans of up to $200,000.
33% of the total project costs up to a maximum participation of $200,000 to any one Borrower.
Negotiable based upon cash flow of business or life expectancy of assets financed (typically 5 years), not to exceed twenty (20) years.
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.
To be eligible for this program, the recipient business must be creating or retaining jobs for low to moderate income people. Fifty-one percent or more of the jobs create or retained must be taken by persons from low to moderate income households as defined by HUD.