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| Cass County Economic Development Corporation |
FEDERAL PROGRAMS
SBA 504
This provides long-term, fixed-rate financing to small businesses to acquire
real estate or machinery or equipment for expansion or modernization.
Typically a 504 project includes a loan secured from a private-sector
lender with a senior lien, a loan secured from a CDC (funded by a 100
percent SBA-guaranteed debenture) with a junior lien covering up to 40
percent of the total cost, and a contribution of at least 10 percent equity
from the borrower.
For more information on this program, visit the SBA’s web site
SBA 7a
This program serves as the SBA’s primary business loan program to
help qualified small businesses obtain financing when they might not be
eligible for business loans through normal lending channels. It is also
the agency’s most flexible business loan program, since financing
under this program can be guaranteed for a variety of general business
purposes.
Loan proceeds can be used for most sound business purposes including working capital, machinery and equipment, furniture and fixtures, land and building (including purchase, renovation and new construction), leasehold improvements, and debt refinancing (under special conditions). Loan maturity is up to 10 years for working capital and generally up to 25 years for fixed assets.
For more information on this program, visit the SBA’s web site
USDA
The vision of USDA Rural Development is to be partners in helping the
people of rural America develop sustainable communities. Its mission is
to enhance the ability of rural communities to develop, grow, and improve
their quality of life by targeting financial and technical resources in
areas of greatest need through activities of greatest potential.
Business and Industry Loan Guarantee
Rural Business Opportunity Grants
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