CDFI / General Fund
General Business Loan Fund: focuses on assisting commercial and industrial businesses that create jobs with loans of up to $200,000.
- 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.
The EDC worked with us through every phase of this project to collaborate with bankers and get us the funding we needed to keep our development on schedule.
– Doug Sanford – Northdam Mill
The EDC has really helped our business stay on track.
– John Grondin – Prescott Metal