Loan amount available: $50,000 per job being created/retained -OR- one-third (1/3) of project cost, whichever is less; $20,000 minimum/$100,000 maximum loan amount (subject to availability of funds).
Interest rate: 5% fixed adjusting every 5 years to Prime (floor of 5%/cap 10%)
Term: Based on project need.
Primary eligibility requirements:
- Bank request for assistance
- Creation or retention of jobs
Special requirements: Construction projects require adherence to Davis-Bacon Wage Rates and ADA handicapped accessibility.
See Business Finance Program for assistance.