Archives: Financing
Maximum amount: $5 million
Percent of guaranty: 85% guaranty for loans of $150,000 or less; 75% guaranty for loans greater than $150,000 (up to $3.75 million maximum guaranty)
May be revolving.
Funds start-up or existing businesses, for expansion/renovation, construction, land or buildings, equipment, fixtures, leasehold improvements, working capital, debt refinancing (under special conditions), change of ownership, line of credit, or inventory acquisition.
Used for: Acquisition of vacant land, existing building, Construction of new building, Major renovations and/or additions to existing building, Marine facility acquisition, including fishing vessels and commercial boats, Purchases of capital equipment, including heavy machinery, Tenant improvements – leased facility or land, associated cost such as title and insurance, appraisals, environmental reports, surveys, equipment installation, points on interim loans, furniture and fixtures, etc.
Provides funding for the development and commercialization of renewable energy sources including wind, solar, geothermal, hydrogen, biomass and biofuel, to change the way people power their cars, homes, businesses and industries.
Awards may be made for planning activities or for working capital expenses, but not for both. The maximum amount for a planning grant is $100,000 and the maximum amount for a working capital grant is $300,000. Applicant must match grant request with equal amount of their own funding. Funds cannot be used for construction or production and harvest of the first commodity.
