The Empowerment Zone (EZ) Loan Fund (“EZLF”)
For profit companies, including partnerships, proprietorships, LLC and qualified start- ups, specifically for eligible projects as described below.
80% of a qualified project’s cost, up to $200,000.00
80% EZLF and 20% borrower equity
Up to 10 years based upon repayment ability
Up to 2% above the Wall Street Journal Prime Rate at the time of contact
1 job for an EZ zip codes resident for every $65,000 borrowed
The BOEDC Board must approve financing
Varies, subject to above-referenced BOEDC Board approval, but generally for the purchase of machinery and equipment, and/or facility improvements.
Liens on equipment and machinery (and on other assets in some cases); lease assignments; and personal and corporate guarantees
2% Processing Fee (1/2 due at signing of commitment, ½ due at closing)