NEPA Loans
The loan eligibility requirements for this program are outlined as follows:
Type of Business. Eligible businesses include for-profit businesses (individual proprietorships, partnerships or corporations). Emphasis is placed on manufacturing and industrial business.
Businesses NOT eligible for this loan program include nonprofit businesses, passive income or developer/landlord institutions, lending and investment institutions, media (newspapers, magazines, etc.), medical facilities, farming and agricultural projects.
Maximum Loan Amount. The maximum amount that can be applied for is $150,000 or 50% of project costs (whichever is less).
Use of Loan Proceeds Loan proceeds may be applied to land and building acquisition, machinery and equipment, or working capital.
Interest Rate. The interest rate on this loan program is below the market rate. The current interest rate is a fixed rate of 4% over the life of the loan.
Repayment Schedule. The repayment duration for real estate is up to 15 years, machinery and equipment is up to 7 years, and working capital is up to 3 years.