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

OCCUPANCY REQUIREMENTS

• 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.