Areas Served: City of Richmond
The City of Richmond, Indiana offers a Business and Industrial Loan Program for businesses within city limits.
Financing is considered GAP financing and the Loan Fund can only provide up to 1/3 of total project costs.
Loan Fund uses – equipment purchases, building rehab/expansion, real estate acquisition and working capital (associated with expansion, new machinery and etc¦) Loan Funding – $1,000 of Revolving Loan Funds per $1 dollar an hour for each job created or retained.
Example, a business paying an average of $10.00 an hour could receive $10,000 per new job created and retained ($1,000 X 10).
There is a cap of $15,000 per job.
Maximum loan amount varies (up to 25% of current loan fund assets) while balancing loan funding criteria above.
Interest rate, 1/2 of prime (not to drop below 4%) Loan term: up to 10 years
Contact InformationCity of Richmond
Address: 50 North 5th Street
City: Richmond
State: Indiana
Website:
http://richmondindiana.gov/index.php?option=com_content&task=view&id=149&Itemid=164
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