Small Business Loan Fund

For smaller businesses looking for a direct, fully-secured loan, the Small Business Loan Fund provides up to $500,000 for manufacturing businesses and $250,000 for non-manufacturing businesses. The program funds average 25 percent of the total project cost and can be used for acquisition and improvements of land, buildings and equipment, new construction, and working capital. Interest rates are fixed. The repayment terms are also flexible, with up to 10 years. Application Process

Program Small Business Loan Fund
Eligible Applicants Existing manufacturing, processing and selected services
Dollar Limit Per Project Maximum (non-manufacturing): $250,000
Maximum (manufacturing): $500,000
Maximum Limit, Percent of project cost Program funds should average 25% of total project cost.
Approved Use of Funds Acquisition and improvements of land, buildings and equipment. New construction. Working capital.
Interest Rates Fixed: Between 4 - 10 %
Term of Repayment Maximum term:
Real Estate: 10 years
Machinery & Equipment: 10 years
Working capital: 5 - 10 years
Form of Financing Direct loan
Fully amortized
Fully secured
Personally guaranteed