Loan Eligibility
Eligible Business
LOAN PROGRAM FEATURES
- Interest Rate - Attractive Fixed-interest rates currently 2.75%-4%.
Loan Terms - Working Capital - 3 Years
- Machinery and Equipment - 5-7 Years
- Land and Building (Acquistion, Renovation, and Construction) - 15 Years
The NEPA Loan Programs are targeted to businesses with less than 100 full-time employees. However, some NEPA programs allow consideration to larger-sized employers.
Program Requirements
- Collateral - Collateral and personal guarantees are required, as appropriate, for the particular loan request. NEPA collateral for each loan is reviewed on a case by case basis. NEPA Loans may be subordinate to commercial lenders.
- Insurance - Hazard insurance must equal the value of the assets pledged. Life insurance assignments are generally required on owners or key management personnel.
- Fees - No Application Fees but a committment fee of one percent (1%) of loan amount is due upon acceptance of the commitment letter. The borrower must pay all legal fees and any other closing costs.
- Timing - Applications reviewed on a monthly basis
- Employment - With the exception of the Microloan programs and Agriculture, one job must be created or retained for every $25,000 in loan proceeds.