FINANCING |
Lake Country Development Corporation, Revolving Loan Fund | |
| Proposed Amount |
Up to $250,000 | |
| Proposed Terms |
3% below prime (5% Floor) | |
| Description | Loans are made available to leverage other public and private funds for the purpose of economic and industrial "job-creating endeavors." Funds may be used for either fixed assets or working capital. The length of term may range from 5 to 25 years. Prepayment may be made at any time without penalty. Applicant is responsible for all closing costs and a 1% administration/service fee based on the LCDC loan amount. No revolving loan will cover more than 75% of the total project costs; nor, except in unusual circumstances, will a loan constitute 100% of the debt-financed portion of a project. It is the general policy of LCDC to loan the minimum amount needed to elicit financing from other sources, in order to assist projects that would not otherwise be financed. Other eligibility criteria may apply. Security shall be required as determined necessary and may be subordinate to other financing. |
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