Areas Served: Garfield County
The Enid Regional Development Alliance (ERDA) has established a loan fund designed to assist businesses that are starting or expanding operations in Garfield County, Oklahoma.
This program is a partnership between ERDA and local lenders to share risk and to assist in the administration of those loans.
The program would follow these general guidelines:
¢ These funds can be used for equipment
¢ Loans could be originated from ERDA or from the lender.
¢ ERDA and the lender would both participate in the loan.
ERDA would be in a subordinate position.
¢ The lender will prepare the loan package and service the l negotiated fee at closing for this service.
For loans over $25,000 a 1% servicing fee would be charged.
For loans under $25,000, the fee will be 2%.
¢ The lender would approve all loans pending approval of the ERDA Finance Committee.
¢ Terms for the lender portion of the loan w basis.
The ERDA portion of the loan would match the lender’s terms.
¢ The maximum term on a real estate or working capital loan will be 5 years with a balloon payment due based on a maximum 20 year amortization schedule.
¢ The maximum equipment loan term will be 7 years or the useful life of the equipment, whichever is shorter.
Contact InformationEnid Regional Development Alliance
Address: 2020 Willow Run, Suite 135
City: Enid
State: Oklahoma
Website:
http://www.growenid.com/LinkClick.aspx?fileticket=S2-Y6q5sI8Q%3d&tabid=72
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