Types of Loans

EMDC can assist you with your business needs. We can provide capital for:

Real Estate                                                         Equipment

Business Acquisition                                            Gap Financing

Inventory                                                           Working Capital

Start Up Costs                                                    New Construction

Renovations                                                       Debt Refinancing

We work closely with you and your bank to help determine what EMDC loan program can assist in your project. Loans range from small loans of $10,000 to $5,000,000. Our lending programs include:

Direct Loans

Funded directly by EMDC, these loans can be utilized for working capital, equipment, renovations, expansions and more.

 

Bank Participation / GAP Loans

These loans work in partnership with your lending institution- we help fund the gap between the amount the bank can fund and the total value of the project.

 

SBA Community Advantage 7(a) Loans

Backed with a federal guarantee, these loans are up to $250,000 and can be utilized for working capital, inventory, purchases of real estate and equipment, property improvements, and refinancing business debt.

 

SBA 504 Loans

These loans are up to $12,500,000 and are done in partnership with a bank; typically the bank funds 50% of the projects, SBA (through EMDC) funds 40% of the project and the borrowers provide 10%.* The 504 loans are for real estate (20 year term) or equipment (10 year term). These are below market fixed interest rates for the full term, and have no prepayment penalty after half of the loan term has expired.

*Some exceptions may apply based upon owner experience and use of property.