SBA ILP Fund
Eligible Applicants: Small Business Concern located within York County and is:
Organized for profit;
“Small” under the 7(a) business loan size requirements; OR,
Has a Tangible Net Worth of LESS THAN $15,000,000; and,
Has LESS THAN $5,000,000 in Net Income after Federal Income Taxes for last 2 years.
Startup, newly established, or growing small business;
Unable to borrow requested funds at reasonable terms elsewhere;
Creditworthy and demonstrates reasonable assurance of repayment.
Maximum Loan Amount: $200,000 to a Borrower.
Collateral: 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 10 years or less), not to exceed twenty-five (25) years.
Interest Rate: Loans of $50,000 or less – 8.75%;
Loans of $50,000 or more – 7.0%
Eligible Activities: Working Capital; Materials and Supplies acquisition; and,
Real Estate (NOT acquired for sale, lease or investment);
Machinery and Equipment/Furniture and Fixtures acquisition and installation.
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