ELIGIBLE PURPOSES (fixed assets w/minimum economic life of 10 years)
- Commercial Real Estate (land, improvements, new & existing buildings, commercial condos, office units)
- Equipment and Machinery
- Leasehold improvements (lease term must be longer than 504 loan term)
- Green Energy/Energy Efficient (photo voltaic, wind, geothermal, etc.)
- Marine facilities including commercial vessels
- Soft costs related to the project
BASIC QUALIFYING REQUIREMENTS
- For-profit operating entity
- Located in the United States (includes territories and possessions)
- Organized as a sole proprietor, partnership, corporation or limited- liability corporation (LLC)
- Meets Economic Development Objectives:
- Job Creation of 1 position per $75,000 of SBA Debenture OR Meet community development or public policy goals as defined by SBA.
- Meets the size requirement:
- Tangible net worth of $15 million or less AND Average after-tax net profits of $5 million or less for the most recent 2-years
- Existing Building/Unit: Business must occupy at least 51% of the improvement’s total usable sq. ft.
- New Construction: Business must initially occupy 60% of the improvement’s total usable sq. ft. with additional occupancy to 80% within 3 years, and 100% occupancy within 10 years.