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Our Current SBA 504 Rates
The CMDC Initiative Fund provides incentive financing for new and expanding businesses which encourages private investment, creates jobs and promotes economic development in certain Twin City metropolitan communities.
Most businesses and industries are eligible if they are located or will locate in the cities of Bloomington, Brooklyn Center, Brooklyn Park, Burnsville, Coates, Columbia Heights, Coon Rapids, Fridley, Lauderdale, Lexington, Mendota, Miesville, Minneapolis, New Brighton, New Germany, New Hope, Newport, Richfield, St. Paul, Spring Lake Park, South St. Paul or West St. Paul.
All projects must have a private financing match.
Financing is available for land and buildings, machinery and equipment.
CMDC currently has a$150,000 lending limit depending on funding availability. The lending limit for retail businesses is $25,000.
In most cases at least 50% of total project costs must be privately financed through owner equity and other lending sources. Most applications approved for funding have at least a 50% private financing match.
The interest rate will be a function of the risk associated with the loan and project. Rates range from 2% and prime plus 4%.
For projects involving real estate the maximum term is 20 years. Loans for machinery and equipment have a maximum of 10 years.