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Revolving Loan
Program
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Conditions of loan will be determined by the IDA at its discretion,
based on
such factors as the structure of other related
loans, the nature of the
collateralized assets and borrower's projected
ability to pay.
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Terms: of a fixed asset loan will generally be consistent
with the useful life of the
assets being financed, such as life periods being
consistent with standard
commercial lending policies.
$ Land & Building - up to 15 years
$ Machinery & Equipment - up to 10 years
$ Working Capital - up to 5 years
Eligible uses
of funds:
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Fixed assets
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Current assets (including; inventory, receivables and permanent
working capital)
$ Business
activities: Manufacturing (defined as; fabrications,
assembly, processing, growing, packaging, or other enterprises
that involve production of an end product), Retail, Other
(transportation, utilities, communications, construction trades,
wholesale distribution, agriculture, forestry, accomodations,
recreation, food & beverage, art/craft and professional
services)
Fees: 1% of
total loan not to exceed $1,000, plus applicant is responsible
for all
attorney fees.
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