Loan Programs
Micro-Enterprise Loan Program
The purpose of the City’s Micro-Enterprise Loan Program is to assist start up and expanding small businesses. Eligible projects include:
a. purchase of machinery or equipment
b. renovations or additions to facilities
c. inventory
d. working capital
e. start-up costs
- Maximum loan of $10,000 with a maximum repayment term of 3 years
- Minimum interest rate of 4%
- Loans secured through positions on real property or machinery and equipment
- City determines collateral for each loan
- Personal guarantees required from all principals
- Equity investment of at least 10% of total project cost required
Revolving Loan Fund
The purpose of this program is to supplement financing for projects for entrepreneurs and business people that “but for” this assistance, the project could not proceed. Project examples include the:
a. construction of buildings
b. reuse and modernization of facilities
c. purchase of equipment
d. purchase of inventory
- Targeted to businesses and industries that cannot obtain economically feasible financing due to conventional interest rates and lending limits available in the local marketplace
- Project must have twice the amount loaned via other funding sources
- The loan cannot subsidize other loans
- Project loans cannot exceed 50% of the project’s total cost
- Projects that create jobs in the private sector are preferred
- One job must be created per $7,500 loaned
- Guaranty required by a principal (who owns 20% or more of the company)
- Collateral of equal value must be provided in writing (examples include liens on inventories, receivables, fixed assets, and/or other assets)
- Where applicable, proof of life insurance or fire, flood, or business insurance is required
To find out if you are eligible to recieve a small business loan, fill out the
Loan Pre-Approval Qualification Checklist.
If you have already been qualified or for more information, the
Small Business and Facade Rehabilitation Incentives packet is available.
