Areas Served: Statewide Delaware
Limited Investment for Financial Traction (LIFT) is a loan program designed to help Delaware small businesses improve cash flow, expand and become financially sound.
This loan program is designed to allow participating small businesses to defer interest payments on their line of credit for a two-year period.
Eligible businesses must meet the following requirements: – Have been in business for at least three years – Have an existing line of credit with a Delaware commercial bank – Have between 3 – 50 employees The participating bank recommends the small business borrower to the Delaware Economic Development Office.
If your banker does not participate in the LIFT program, ask him or her to contact the Delaware Economic Development Office.
Once approved the State of Delaware will begin paying the interest on the existing line of credit for two years.
After that, the business will repay the state the amount borrowed over the next five years at 0 percent intereSt. In other words, during the first two years of the program, the Delaware Economic Development Office will pay to the bank the monthly interest on the borrower’s line of credit.
During the remaining five years of the loan, the borrower makes principle-only payments as the loan has no intereSt. The maximum size loan to any borrower is $25,000.
Contact InformationDelaware Economic Development Office
Address: 99 Kings Highway
City: Dover
State: Delaware
Website:
http://www.dedo.delaware.gov/BusinessServices/BusinessFinancing/BusinessFinancing.shtml?businesfinancing
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