Business Loan Fund
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Eligible Cost
- Business Acquisition
- Land/Building Acquisition
- Building Renovation
- Inventory Purchase
- New Building Construction
- Equipment Purchase
- Machine/Supplies
- Leasehold Improvements
- Start-Up Cost
- Permanent Working Capital
Ineligible Cost
- Refinancing of existing debt
-
Relocation outside of service area
-
Short-term operating loans or bridge loans
- Housing – spec homes, apartments, flipping homes, etc.
- Business whose majority of income comes from alcohol or gambling
Eligibility Considerations
Below are eligibility guidelines for a Business Loan Fund but it is not an inclusive list. If you have questions about your project’s eligibility please visit with our Business Loan Fund Manager.
- Participation of another lender or turn down letter from a financial institution. NECOG-DC does not compete with private lenders and encourages participation of a local lender in all projects.
- Equity injection must be at least 10% of the total project cost. Equity can be in the form of cash, other assets, or existing equity in a business.
- Project must be located within the twelve county service area.
- A business plan and projections are required. The Small Business Development Center will assist in the completion of these.
- Complete applications should be turned in two weeks before the board meeting.
