PURPOSE: Low-interest loans to small businesses (for-profit, 100 employees or less) to be used for land and building acquisition and construction, machinery and equipment purchases, and working capital.
AVAILABLE FUNDING: Loans up to $200,000 or 50% of the total project ($100,000 for working capital).
ELIGIBILITY: Manufacturers, industrial enterprises, agricultural enterprises, research and development companies, construction companies, technological/computer-related services, hotels, motels, restaurants, environmental compliance firms, pollution prevention firms, recycling firms, defense-related companies, and child development/day-care establishments.
TERMS: Current interest rate is 4%. Interest rates are fixed for the entire term of the loan. Must create or retain (must provide retention narrative) one job for every $25,000 borrowed. Up to a 15-year term on land and building, up to a 10-year term on machinery and equipment, and up to a 3-year term on working capital.
EMPLOYMENT REQUIREMENT: One full-time job must be preserved or created for every $25,000 loaned over the first 3-year period of the loan.
