Economic Development Loan Program
The Economic Development Loan Program offers long term, fixed rate financing. For business financing, the minimum interest rate is currently under three percent, or 75% of the prime rate listed in the Wall Street Journal. The maximum city participation is 33.3% of total project cost. Loan terms are typically 5-7 years on equipment and up to 20 years on land and building. Eligible activities are property acquisition, equipment purchase, new construction and related soft costs. Loans may be used with private and public funds.
Applicants must show that traditional bank financing is not available; or not available in the amounts needed; or at terms the company cannot afford to do the project.
For complete program details and eligibility requirements, please download the Economic Development Loan Program brochure.
To apply please fill out our application.