Small Business First (SBF)
Requirements
Download the guidelines for a complete understanding of the program and the requirements.
Overview
Funding for small businesses, including:
- low-interest loan financing for land & building acquisition and construction
- machinery and equipment purchases
- working capital
Guidelines
Small-Business-First-Program_guidelines-09.pdf
Uses
- land and building acquisition & construction
- machinery and equipment purchase and upgrades
- working capital
Funding
Loans up to $200,000 or 50 percent of total eligible project costs, whichever is less.
Maximum loan amount for working capital is $100,000 or 50 percent of total eligible project costs, whichever is less.
Eligibility
A for-profit small business (100 full-time employees or less) which are:
- manufacturing
- industrial
- agricultural enterprises
- research and development
- construction
- computer-related services
- hotels, motels, or restaurants
- municipal or commercial recyclers
- defense-related
- child day-care
Terms
Interest rate is fixed at 1.5 percent until June 30, 2013.
- $25,000 cost per full-time job retained or created
- Up to 15-year term, for land and building
- Up to 10-year term for machinery and equipment
- Up to three-year term for working capital
Interest rate is fixed and is based on market conditions.
