|
Lakes Region Job Start Fund (LRJF)
Purpose:
This is a lending initiative of the BCEDC designed to develop and enhance self-employment opportunities. Loans can be used to start, strengthen or expand small businesses.
This program was originally funded by a contribution from Providian National Bank.
Eligible Uses:
- Purchase of machinery, equipment, and inventory
- Repairs, modernization, or expansion
- Working capital
- Refinance of business debt if business cash flow and financial strength would be improved
- Reasonable fees and charges
Borrower Requirements - The borrower must:
- be self employed / or sole proprietor
- own a business which operates in Belknap County.
- be unable to obtain sufficient funding from banks or other conventional financing sources.
- meet income guidelines based on median income criteria for Belknap County.
Credit Requirements - A borrower must demonstrate:
- An acceptable credit history
- Sufficient cash flow to repay all obligations
- There is reasonable security or collateral
- Keyman life insurance is usually required
Family Size L/M Income Range (2006 figures)
1 Person 35,200
2 Person Up to 40,250
4 Person Up to 50,300
Size of Loans Available: Up to $15,000
Interest Rate: Prime Rate at closing plus 3%
Application Fee: $50, with submission of application
Other Fees: Legal and closing costs
Terms: Up to three years
Instructions on Applying
1. Download application form (4 pages)
2. Personal Financial Statement (3 pages)
3. Complete, sign, enclose application fee and mail to the BCEDC at 2 Airport Road, Gilford, NH 03249
Downloads:
LRJS Application
Personal Financial Statement
Other terms and restrictions may apply. For complete details, contact the BCEDC.
The BCEDC is an Equal Opportunities Lender.
.
|
