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

Rates/Fees

• Size of Loans Available: Up to $15,000
• Interest Rate: Prime Rate at closing plus 3%
• Application Fee: $75, 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 One Mill Plaza, Laconia, NH 03246

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.