Loan Guarantee Programs
Financing Programs available to eligible companies expanding within or locating to Lockland:
SBA 7(a) Loan Guarantee |
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| Use of Funds: | 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). |
| Eligible Borrowers: | Most small businesses |
| Maximum Loan: | $1.5 million |
| Guarantee: | 85% of loans of $150,000 and less, and up to 75% of loans above $150,000. |
| Loan Term: | 25 years for real estate and equipment; and generally, 7 years for working capital. |
| Rate: | Interest rates are negotiated between the borrower and the lender but are subject to SBA maximums, which are pegged to the Prime Rate. |
| Bank Financing: | Bank provides financing with SBA guarantee |