What is a Term Loan?
A loan from a bank for a specific amount that has a specified repayment schedule and a floating interest rate. Term loans almost always mature between one and 10 years.
Types of Financial Assistance
Guaranty of up to 80% of P&I on long-term loans.
Loan amount not less than $5,000.
Maximum payable under loan guaranty not to exceed $2,000,000.
Machinery & Equipment.
Improvements to real property leased or owned.
Acquisition of real property used in business.
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