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Program Information

Small Business Development Loan Program

Direct loans to small business owners, nonprofit organizations, and real estate developers within project areas for a range of activities.

 

  

Acquision of Property

Clearance and Removal

Relocation

Mixed use Development

Rehabilitation

Machinery/Equipment

Residential Rental Rehabilitation

Historic Preservation

New Construction

  
   
 

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Terms of the Loans:

Adjustable rate based on the 90 day LIBOR plus as basis points with a minimum rate of 5% Negotiable Amortization, with Principal Due in 15 years
Secured by Appropriate Collateral with Personal Guarantee Loans Not Assumable
Criteria for Approval:
The Project Must:
The Applicant Must:
Remove Slum and Blight - OR - Leverage the Maximum Amount Private Financing, with the City Loan Filling a Financing "Gap
Create Jobs for Low-Moderate Income Persons Demonstrate Reasonableness of Project
The City Loan Must:
 Demonstrate Ability to Repay Loan
Be Necessary for Project Feasibility-UNLESS IT- Demonstrate Satisfactory Credit History
Consists of Exterior Renovation Only -OR- Corrects Code Violations Only
 

OTHER REQUIREMENTS: Fair Housing and Equal Opportunity Guidelines; U.S. Environmental Protection Standards; Flood Insurance; Historic Structure Guidelines; Uniform Relocation Assistance & Real Property Acquisition Policies; Procurement Standards for Bidding and Contracting; Labor Standards; Lead Paint Regulations; Conflict-of-Interest Laws - See Small Business Development Loan Program Rules and Regulations, Chapter 9, for Complete Details.

Click for printable application

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