Business Financing
Small Business First (SBF)
Contact ebeamesderfer@lvedc.org for additional information
Lending Summary
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Low interest loans
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Available to small businesses (100 employees or fewer)
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Administered through the Lebanon Valley Economic Development Corporation
Eligibility
Small business (100 employees or fewer) involved in the following enterprises:
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Manufacturing
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Industrial
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Agricultural
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Construction enterprises
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Child day-care centers
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Technology oriented and computer-related services
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Hotels, motels, or restaurants (established non-start ups)
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Environmental compliance/pollution prevention
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Municipal or commercial recyclers
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Export-related
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Military and defense-related
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Mining
Terms
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7-Year Fixed Interest Rate Option: 10-year U.S. Treasury rate set at time of application.
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After 7 years the rate will reset to the 10-year Treasury rate with a 2% maximum increase or decrease compared to the original interest rate.
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A floor interest rate of 3.75% exists.
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This option exists for real estate projects only.
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Full Term Fixed Interest Rate Option: 4.75%. This fixed rate option will exist for the life of the loan.
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Subordinate lien positions on real estate up to 90% loan to value are permitted
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$25,000 loan per job retained or created
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Up to 15-year term for land and building
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Up to 10-year term for machinery and equipment
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Up to 3-year term for working capital
Uses & Purposes of Funding
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Land and building acquisition and construction
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Machinery and equipment purchases, maintenance, upgrades and repairs
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Working capital
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Environmental compliance/pollution prevention
Amounts
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Loans up to $400,000 or 50% of total eligible project costs, whichever is less
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Maximum loan amount for working capital is $100,000 or 50% of total eligible project costs, whichever is less