Areas Served: City of Rochester
The purpose of the Rochester JOB Loan Program is to expand the small business community in Rochester, New Hampshire and provide increased employment opportunities for low and moderate income persons.
To insure that the second goal is met, the business must document that at least 51% of the jobs created or retained will be filled by low and moderate income persons (as defined by HUD).
Funds from this program can be used to acquire land and buildings, construct or rehab buildings, purchase machinery or equipment and be used for working capital.
JOB Loan Program Criteria – Interest rate fixed at time of closing, not to exceed 75% of the prime rate.
– Loan amount is generally between $10,000 to $50,000 with some exceptions.
– Terms up to 15 years, tailored to the economic life of the asset to be financed.
– Collateral – The City will participate in a secured position secondary to a lending institution.
– Financial reporting is similar to that for a bank loan.
The City of Rochester’s JOB Opportunity Loan Program is funded by the U.S. Department of Housing and Urban Development (HUD) through a Community Development Block Grant.
The JOB Loan Program is an equal opportunity lender.
For information (in Adobe format) about our JOB Loan program.
Contact Information
City of Rochester, New Hampshire, Economic Development Department
Address:
City: Rochester
State: New Hampshire
Website:
https://www.thinkrochester.biz
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