Areas Served: Mohave County
The Business Development Loan Program uses public sector funds to leverage private sector loans for Mohave County Arizona businesses.
The Business Development Loan Program is not a substitute for a conventional loan.
Rather, it works by providing additional collateral to make credit more readily available to growing businesses and community enhancing projects.
The Business Development Loan Program is open to any for profit legal entity that meets the US Small Business Administration (SBA) definition of a small business and whose majority principal(s) are citizens or lawful permanent residents of the United States.
The business can be: – Existing manufacturing, retail, wholesale, or service businesses located in or desiring to locate in the target area.
– New manufacturing, retail, wholesale, or service businesses located in the target area.
Loan Amounts & Credit Enhancements The typical Business Development Loan Program maximum CEF contribution is $100,000. Requests outside of this range may be considered on a case by case basis.
The credit enhancement fund provides a guarantee for a portion of a loan provided by MultiBank, the program lender.
The guarantee may range from 10% of the loan to 75% of the loan.
Potential borrowers should be prepared for an average credit enhancement participation of 50% or less.
Interest Rates & Loan Terms The program lender will set interest rates.
Terms will be variable and dependent upon the needs of the business or project.
Loan maturity may not exceed five years.
Loan amortization may be calculated for a longer period, however, if needed.
Equity Borrowers will be asked to provide equity for a minimum 10% of the project.
This may be in the form of cash, real property, or some other form of non cash equity.
Contact InformationMohave County Economic Development
Address: 3250 E. Kino Ave 2nd Fl
City: Kingman
State: Arizona
Website:
http://www.mohavedevelopment.org
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