Areas Served: Chesterfield, Henrico, Hanover, New Kent, Goochland,
The Business Enterprise Zone Loan program provides financing to small businesses in Virginia located in the City’s enterprise zones that are unable to qualify for traditional bank financing.
The lead product under this program is an owner-occupied mortgage.
Maximum Loan: $250,000 (Up to $300,000 when combined with NIB loan).
Interest Rate & Fees: Competitive interest rates are available and based upon loan term and risk.
A one percent (1%) to one and one-half percent (1.5%) fee is charged on all loans.
Eligible Businesses: For profit businesses that have been in operation for two or more years, and located in an eligible low income census tract or enterprise zone of the Richmond/Petersburg MSA.
Eligible Purposes: Acquisition and renovation of owner occupied commercial or mixed-use properties and purchase of machinery and equipment.
Ineligible Purposes: Loans for paying delinquent federal, state or local taxes.
Purchase or rehab of residential or investment properties.
Other Requirements: Businesses must be reasonably profitable, have adequate historical or projected cash flow for debt service, and unable to qualify for traditional bank financing.
All loans will require the creation and/or retention of jobs.
Other qualifying terms and conditions may apply.
Contact InformationREDC Community Capital Group
Address: 411 E. Franklin Street, Suite 203
City: Richmond
State: Virginia
Website:
http://www.redcfinance.org/services-proprietary.html#mlp
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