Total Pool - $200,000
The Business Development Centre, Inc, loan fund was established in 2007 from the revenues of two (2) Small Business Administration (SBA) master notes that have been re-paid. The maximum loan amount for this fund is $50,000. The interest rate on the funds referenced above is prime plus three percent (3.00%) with a floor of eight percent (8.00%). There is a nonrefundable application fee of $150.00. There is a one percent (1.00%) origination fee if the request is approved.
Eligible Businesses
- Existing operations with 5 or fewer employees
- Start-up businesses with 5 or fewer employees (including owner)
- Must be unable to access funds through traditional lenders
- Businesses located in Region 2000 of Central Virginia
Project Eligibility
- Business start-up/expansion
- Facility construction/upgrade
- Purchase of machinery, equipment & inventory
- Working Capital
Loan Parameters
- Loans from $50 to $50,000
- Non-refundable fee of $150
- Fixed rate of prime at closing, plus 3%, with a minimum rate of 8%
- Loan term is a minimum of 3 months to a maximum of 5 years
- Loans must be secured with collateral
Program Requirements
- 10% cash investment from borrower required