Business Development Loan Program

Direct loans to small business owners, nonprofit organizations, and real estate developers within project areas for a range of activities.
  • Acquisition of Property
  • Clearance and Removal
  • Historic Preservation
  • Machinery / Equipment
  • Mixed use Development
  • New Construction
  • Rehabilitation
  • Relocation
  • Residential Rental Rehabilitation
  • Terms of the loan:
    •  2.63% fixed
    • Secured by appropriate collateral with personal guarantee
    • Negotiable amortization, with principal due in 20 years
    • Loans not assumable
  • The project must:
    • Remove slum and blight
    • Create jobs for low-moderate income persons
  • The applicant must:
    • Leverage the maximum amount private financing, with the city loan filling a financing "gap"
    • Demonstrate reasonableness of project
    • Demonstrate ability to repay loan
    • Demonstrate satisfactory credit history
  • The city loan must:
    • Be necessary for project feasibility, unless it
    • Consists of exterior renovation only -or- corrects code violations only
Other Requirements
  • Conflict-of-Interest Laws
  • Fair Housing and Equal Opportunity Guidelines
  • Flood Insurance
  • Historic Structure Guidelines
  • Labor Standards
  • Lead Paint Regulations
  • Procurement Standards for Bidding and Contracting
  • U.S. Environmental Protection Standards
  • Uniform Relocation Assistance & Real Property Acquisition Policies
See Small Business Development Loan Program Rules and Regulations, Chapter 9 (PDF), for complete details