Opportunity Corridor Loan Fund

Eligible Borrowers

• Most small businesses, individuals, partnerships, limited liability companies
• Some non-profit development corporations and “for profit” development entities
• Must be located in Concord’s Opportunity Corridor (see attached map)

Loan Amounts

• $25,000 - $150,000
• At least one job created or retained for every $50,000 from loan fund
• Limited to 50% of total financing package

Uses of Funds

• Acquisition of Fixed Assets (excluding SBA504): land, building, machinery and equipment
• Rehabilitation and/or renovation of commercial and residential properties
• New construction
• Site improvements, including environmental remediation
• Associated development costs

Collateral and Lien Position

• Loans shall be collateralized with a security interest in the assets financed
• CRDC may subordinate to bank loans on a case by case basis
• Personal guarantees may be required

Repayment Terms and Interest Rates

• Fixed Assets: lesser of the useful life or 10 years
• Real Estate: 20 years maximum
• Interest rates vary based on credit and terms provided

Fees and Charges Paid by Borrower

• Application Fee: 2% of loan amount or $500 whichever is greater
• Title Insurance, if applicable
• Lender’s legal costs, if applicable
• Appraisal fee, if applicable
• Recording Fees
  

Program Priorities - Approved projects must demonstrate one or more of the following:

• Enhance or stabilize manufacturing employment
• Provide wages of 100% of Merrimack or Hillsborough Counties average
• Positive impact on the community’s quality of life including: central business district revitalization; eliminate environmental contamination; improve the City of Concord’s visual image from I-93 and I-393; generate new tax base for the City of Concord; generate quality jobs for the residents of Concord; provide benefits to low and moderate income individuals; encourage economically feasible reinvestment in historic properties; encourage upgrading, expansion and enhancement of public facilities and utilities; and involve creative solutions to otherwise marginally feasible projects.
  

For information please contact Liz Sweeney or Betsy Segal
CRDC • (603) 228-1872