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Competitively Priced Small-Business Loans, Technical Assistance, Fixed Asset Loans - State Programs
LOCAL DEVELOPMENT FINANCING FUND (LDFF): Provides long-term (up to 25 years), low-interest (fluctuating below market rate) loans to eligible commercial and industrial projects in the City of Camden. Loans range from $25,000 to $2 million. Required is a minimum one-to-one public/private dollars match, along with the creation of new jobs.
RECYCLING LOANS: Available to businesses which are engaged in recycling products, this state loan program grants loans ranging from $10,000 to $300,000. The financing is for up to 10 year as at an interest rate ranging from 6% to 8%. Working capital and general operating costs are not eligible for funding.
TECHNICAL AND FINANCIAL ASSISTANCE FOR MANUFACTURERS IMPACTED BY IMPORTS: Direct loans for up to 80% for fixed assets and working capital are provided to manufacturers that are certified as eligible under the U.S. International Trade Administration. Professional consulting is available.
INDUSTRIAL DEVELOPMENT BONDS (TAX EXEMPT): Low-interest funds based on a percentage of the prime rate are available to manufacturing facilities to pay for capital expenses. EZ bonds are financed under this program.
LOAN GUARANTEES: Guarantees of conventional loans in amounts up to $600,000 may be made for working capital, while guarantees of conventional loans or bond issues for fixed assets can be secured for up to $1 million. A guarantee cannot exceed 90% of the loan or 10 years. The business must provide at least 10% of the project cost in equity.
DIRECT LOANS: A maximum of $250,000 for 10 years at an interest rate equal to the federal discount rate is available for existing businesses. The business can use the money for working capital or fixed assets. To qualify, a business must be unable to secure conventional financing.
URBAN CENTERS SMALL LOAN PROGRAM: Primarily used for renovation and remodeling of existing retail and commercial businesses, this program provides loans at 7% interest for a maximum of 10 years in amounts ranging from $5,500 to $30,000.
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