Laserfiche WebLink
MCCF LOAN CRITERIA <br /> <br />FINANCING POLICIES <br /> <br />Loan Amounts: <br /> <br />· $50,000 minimum <br />· $2,500,000 maximum <br /> <br />Eiio. ible Proiects: <br /> <br />· Funded project must be within a member's area of operations. <br />· Borrower may be a for-profit business entity, non-profit entity, cooperative, or local unit <br /> of government. <br />· A financial institution must be a participant in the project financing. <br /> <br />AllOwable Use of Proceeds: <br /> <br />· MCCF financing assistance may include, but is not limited to: fixed assets, including <br /> land and building purchase, building construction, leasehold improvements and <br /> renovations; acquisition, renovation or moving machinery and equipment; and working <br /> capital loans secured by fixed assets with fixed repayment schedules (not lines of credit). <br />· Loans may not be used to refinance existing debt. <br /> <br />Inelieible Use of Proceeds: <br /> <br />· Speculative real estate developments. <br />· Purchase of equity positions in business enterprises. <br /> <br />Interest Rates: <br /> <br />· Adjustable and fixed rate loans are available, with rates determined by the MCCF <br /> member originating the loan. <br /> <br />Loan Term Length: <br /> <br />The term of each loan will be determined on a case-by-case basis, with the primary <br />factor being the collateral offered. Loans secured by real estate will generally not exceed <br />20 years, and loans secured by machinery and equipment will generally support a loan <br />term of up to 10 years, not to exceed the depreciated life of the asset being financed. <br />When possible, the MCCF loan will coincide with the term of the participating bank <br />loan, including any balloon maturity provisions. <br /> <br />Fees and Charges: <br /> <br />· A 1.75% loan origination fee will be charged to all MCCF borrowers. This fee will be <br /> assessed only for approved loans, but must be paid at or prior to loan closing. <br />· Borrowers are responsible for paying all legal and other loan closing costs incurred by <br /> MCCF. <br /> <br /> <br />