Federal Assistance Programs
USDA Business and Industry Loan Guarantees
Improves the economic health of rural communities by increasing access to business capital through loan guarantees that enable commercial lenders to provide affordable financing for businesses in eligible rural areas.
Small Business Administration (SBA) Finance Programs
SBA 504 Program
A powerful economic development loan program that offers small businesses another avenue for business financing, while promoting business growth, and job creation. 504 Loans are typically structured with SBA providing 40% of the total project costs, a participating lender covering up to 50% of the total project costs, and the borrower contributing10% of the project costs. Under certain circumstances, a borrower may be required to contribute up to 20% of the total project costs.
SBA 7(a) Program
The 7(a) Program provides loan amounts (up to $5 million) to fund startup costs, buy equipment and more. Other uses of 7(a) funds include: Purchase new land (including construction costs); Repair existing capital; Purchase or expand an existing business; Refinance existing debt; and Purchase machinery, furniture, fixtures, supplies or materials. The 7(a) Program offers flexibility, longer terms and potentially lower down payments compared to other financing options.
Incentives Disclaimer:
Please note that incentives are not offered for every project. EMCID will work with each applicant to determine the specific needs of the applicant and tailor an incentive package to meet that company’s particular needs.