Revolving Loan Fund Guides
Maximum Loan
- Loan programs will finance up to 50% of total eligible project costs or $400,000, whichever is less
- Land acquisition, preparation and associated expenses
- Building acquisition, construction or renovation
- Machinery and equipment purchases (new or used) and related expenses
- Working capital
- Land & Building- up to 15 years
- Machinery & Equipment- up to 10 years
- Working Capital- 3 years (maximum $75,000)
- Revolving loan fund financing is available to eligible small businesses with interest rates starting at 4.25% fixed for the term of the loan. Rates may change based on the prime rate of interest
- Loans are secured by lien positions on collateral at the highest level of priority to accommodate the borrower's ability to raise debt and equity capital
- Generally personal guarantees and assignment of life insurance are required on principals
- The creation or retention of one full-time job per every $25,000 or $50,000 in borrowed funds (dependent on loan funding source)
- $450 fee is due with the executed commitment letter
- At closing, borrower must pay a closing fee equal to 1% of the loan
- The commitment and closing fee shall not exceed 2% of the loan
- No prepayment penalty on Northwest Commission Revolving Loan Funds
- No annual or servicing fees