|
(Back)
Industrial
Development Revolving Loan Fund
Click here for printer
friendly version
The IDRLF
provides financing for wholesalers and manufacturers only.
Financing of a project must be
supplemented with conventional financing, the owner's own cash,
and up to 45% financing by the Community Development
Corporation. The rates and terms of the CDC portion of the
loan are quite attractive.
About
IDRLF
-
The
CDC will not refinance existing debt.
-
There
is a non-refundable application fee of $50.
-
Loans
can be used for land, building, machinery, and equipment.
-
The
maximum CDC loan amount is $300,000.
-
Up
to $100,000 of the loan can be used for working capital.
-
The
CDC finances up to 45% of the project cost with a bank loan
and owner's cash providing the remainder.
-
The
CDC can finance up to $50,000 without a match from a bank.
-
Interest
rates are fixed and at lower-than-conventional rates.
-
The
term of the loan is based on the economic life of the asset
- generally 15 years for real estate, 5 to 7 years for
equipment, 3 to 5 years for working capital.
-
New
permanent jobs must be created as a result of the project.
-
The
borrower must be either a wholesaler or manufacturer.
-
The
business must be located within Allen County, Indiana.
-
The
borrower must be unable to obtain conventional financing for
the full project amount.
For more information on
the
Industrial
Development Revolving Loan
Fund Program
call us at 260/427-1127 or contact us
by e-mail at:
Community Development Corporation of Northeast Indiana
last updated:
10/08/2004
|
Community Development Corporation of Northeast Indiana