Areas Served: Palm Beach, Hendry, Saint Lucie, Indian River and Martin counties.
The Business Loan Fund offers two loan products, distinguished by size, term and collateral, to small and micro-business owners.
Eligible uses include: business start-up capital, working capital, community development projects, redevelopment in distressed areas, community business ventures, and other efforts designed to create jobs and services in low-income communities.
The Fund’s flexible lending policies enable it to offer loans for shorter terms than those that can be obtained from conventional lenders.
Loan terms range from a few months to five years depending on the use of the loan proceeds and the needs of the borrower.
Interest rates are set according to the Fund’s current cost of funds and were near 12 percent during 2001.
Micro Loans: This loan product is principally used to finance “cottage industries – home-based and youth businesses.
Most of these loans are funded out of SBA resources.
The typical micro loan borrower uses the loan to buy a new piece of equipment such as a truck, computer, or display case.
Without the equipment, the business likely would not be able to serve its customers.
Small Business Loans: Small Business Loans are similar to Micro Loans in purpose.
A small business loan might be for the physical expansion of a business plant or the purchase of raw materials or inventory.
The Loan Fund also makes loans for building purchase, renovation, or leasehold improvements, as long as the collateral is there to support it.
The Fund authorizes the use of funds for any legal purpose that enhances the business.
Contact InformationBusiness Loan Funds of Palm Beaches, Inc.
Address: 2110 N. Florida Mango Rd
City: West Palm Beach
State: Florida
Website:
http://www.blfpbc.org/loan-products-services.shtml
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