Low interest state loans can all be combined with '504' loans
, conventional financing, industrial revenue bonds
, and some state loans.
A low interest loan not to exceed 30% of the total cost of the project; amount loaned is generally $10,000 per new job created. Interest rate generally is 2.3% of prime rate.
Fifteen years or less is preferred. Prevailing wages apply.
Guaranteed Loan Program
The State will guarantee up to 90% of the total amount borrowed for land and buildings. Limit: 25 years. Prevailing wages apply.
The State endeavors to limit the amount of loans to $10,000 per new job projected to be created within 5 years. This is not a mandatory rule, but rather a goal; the rule has been exceeded