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Borrower Benefits
- Down payment can be as low as 10%
- Long repayment terms, reducing monthly payments
- Frees up cash flow to expand borrower's business
- Loan under 15 year term may be pre-paid with no penalty
Use of Proceeds
- Purchase, construction, renovation or refinance of commercial real estate.
- Business acquisition business, franchise or professional practice
- Permanent working capital in conjunction with real estate or business
acquisition
- Machinery & equipment purchase or refinance
- Debt refinance if existing loan balloons or if payment can be improved by 20%
Eligibility Requirements
- Business must be a For-Profit enterprise; certain business may not be eligible
- Owner-user to occupy at least 51% of existing building or 60% of new construction
- Retail and service businesses with annual revenues up to $20 million, depending on the industry
- Wholesale business with employees up to 100
- Manufacturers with employees up to 500, depending on the industry
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