Areas Served: Buchanan, Dickenson, Russell and Tazewell Counties
The Cumberland Plateau Planning District Commission offers a revolving loan program to assist plant expansions and new job creation by offering financing which may be subordinated to conventional bank financing for the Virginia counties of Buchanan, Dickenson, Russell and Tazewell.
Loans are available between $25,000 and $250,000. Uses of Funds:
¢ Land Costs: Engineering, legal, grading, testing, site mapping and related costs associated with acquisition, plan and site preparation
¢ Building Costs: Real estate, architectural and related costs per acquisition, construction and rehabilitation of buildings
¢ Machinery and Equipment Costs
¢ Sales and Use Taxes, interest on interim construction financing
¢ Working Capital Loans: Limited to 30 percent of total loan portfolio Terms:
¢ Maximum Repayment Period: 10 years
¢ Collateral: Liens on fixed assets
¢ Loan Limits per Project: 33% of total project cost
¢ Job Cost Ratio: $7,500 – $10,000 per job created
¢ Applicant must provide a minimum of 15 percent of the total project coSt. Interest Rate: Not less than four points below the current money center bank prime rate as quoted in the Wall Street Journal, but no less than four percent.
Contact InformationCumberland Plateau Planning District Commission
Address: 950 Clydesway Road
City: Lebanon
State: Virginia
Website:
http://www.cppdc.com/RLF.html
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