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Direct Loan Program
The Authority will make direct loans applicable to the credit of the borrower, the type of financing, and the term of the loan. Eligible projects include construction and renovation, facility acquisition, refinancing of qualified outstanding debt, the purchase of equipment and financing costs.
Expedited Loan Process
- Submit a letter of application and copies of 3 past year financials
- Loans processed in 60 days or less
- Staff drafts loan documents
- Closing will occur through the mail
General Loan Terms
- Minimum Loan Size: $5,000
- Maximum Loan Size: $200,000
- Five year loan term
- Collateral is required
- Borrowers aggregate loan balance: $200,000
General Loan Guidelines
- Loans provided on a first-come-first served basis
- Monthly electronic payments
- Positive net/worth fund balance
Fees
- 1% origination fee
- Borrower out-of-pocket expenses, as applicable
Interest rates
- US Treasury 5-year note rate plus 0.15%, or 3% whichever is greater.
