Loan Programs

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Microloan

Maximum Amount: $50,000

Use of Proceeds: Equipment or working capital (no real estate)

Interest Rate: 8%

Term: Maximum term is 6 years

Business must agree to accept business advice and technical assistance. (U.S. Small Business Administration (SBA) Program)

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Revolving Loan Fund

Maximum Amount: $100,000 or 25% of total project costs (the lesser)

Use of Proceeds: Fixed assets or working capital

Interest Rate: 2% below primary lender's rate, floor of 3.50%

Term:The term must match the life of the financed asset.

Typical Package: 65% from Bank, 25% from RLF, 10% equity injection

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SBA Section 504 Loan

Maximum Amount: The lesser of $5,000,000 ($5,500,000 in certain situations) or 40% of project costs.

Use of Proceeds: Fixed asset financing (land, building, equipment)

Interest Rate: Fixed for the term of the loan

Term: 10 years for equipment, 20 years for land and building

Typical Package: 50% from Bank, 40% from 504, 10% equity injection

(U.S. Small Business Administration (SBA) Program)

Loan Application

SEDC Loan Application