Loan amount available: $35,000 per job being created/retained up to two-thirds of project cost; minimum of $5,000 (subject to availability of funds)
Interest rate: Prime – 3.5% (floor of 4%)
Term: 3-7 years for working capital, inventory, equipment, 15 years for real estate
Primary eligibility requirements:
Bank request for assistance
Creation or retention of jobs
Program available in Republic County
First year repayment is interest only payments.
51% of jobs created/retained must be to the benefit of low- to-moderate income families through survey.
Construction projects require adherence to Davis-Bacon Wage Rates and ADA handicapped accessibility.
See Business Finance Program for assistance.