Saco Redevelopment Loan Fund
Saco Redevelopment Loan Fund provides loans to existing or proposed businesses with less than 500 employees located within the City of Saco.
Eligible Activities:
- Real Estate acquisition;
- Physical improvements and renovations including leasehold
- improvements and rehabilitation activities both interior and/or
- exterior treatments including business signage, awnings, etc;
- Fixtures, furniture, and equipment related to the business;
- Working capital including relocation expenses;
- Machinery and equipment; and,
- Related professional services including architectural, engineering, marketing, and other fees and costs.
Maximum Loan Amount:
Maximum Loan Amount is $100,000
Leverage Requirements:
- Loans up to $25,000 require $0 matching funds (0% match);
- Loans between $25,001 and $50,000 require 1:1 matching funds (100% match);
- Loans between $50,001 and $100,000 require 2:1 matching funds (200% match).
Term:
Negotiable based upon cash flow of business or life expectancy of assets financed (typically five years), not to exceed twenty-five (25) year.
Interest Rate:
All Loans shall bear an interest rate of “Prime Rate” as published in the Wall Street Journal as of the date of approval.
Location Requirement:
All borrowers must be located within the City of Saco and remain located in the City of Saco for the life of the Loan. Any Loan will be immediately due and payable should a borrower relocate outside the City of Saco.