| Eligible Borrowers: |
- Business located within the Cumberland County Empowerment Zone.
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| Loan Amount: |
- Up to 40% of the total project costs with a maximum loan amount of $250,000.
- Amount of EZ funding is determined by ability to utilize public/private funding sources and gap in financing.
- Loans are also based on jobs created.
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| Estimated Interest Rate: |
- For more information, please call (856) 459-1700.
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| Terms: |
- 5 year balloon with amortization based on useful life of asset financed, or fully amortized loans up to a maximum of 15 years (also dependant upon life of asset).
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| Permitted Uses: |
- Acquisition of land and buildings, new construction, renovations, machinery, equipment and working capital.
- Funds cannot be used to refinance existing debt.
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| Borrower's Equity: |
- Applicants required to provide at least 10% equity contribution to the project.
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| Application Fee: |
- $150 application fee, plus 1% servicing fee paid at closing.
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| Other Special Requirements: |
- 3 years financial statements.
- 3 years tax returns.
- Personal financial statements.
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