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Availability general,the loan requirement ...... greater than conventional loan requirements. The A small businessman can obtain a loan to Centrallna Certified Developmem Corporati6n construct or expand his plant, store or office. He ','.'ill assist in assembling the loan package in order can also obtain a loan to purchase machinery and to reduce the work required of the applicant and equlpmenL The Cern ralina Certified his lender. Development Corporation, using the U. S. Small Business Administration's 503 Program provides this fixed assel financing thru long- Loan Structure term, less than market rate loans in Cabarrus, Caslon, lredefi, Lincoln, Rowan, Stanly and A typical loan indudes 50% pardclpationbya locai financial institution or other lender. The Union Counties. The Charlotte CDC offers the sameservicelnMecklenburgCounw, borrower should have a commitment from a lender at ihe dme of applidation. The lender's loan should be at a mutually acceptable rate for a Eligibility mini ...... ~erm of ~en (10) years. The lender is secured by a first mortgage. The applicanl musl be a for-profil cor~ Centralina Development Corporation, poradon, partnership or proprietorship with a through the Small Business Administration, net worth ~fless than $6 million and an average provides 40% of the project cost with a net profil after taxes in the last two years of tess maxinmm participation of $500,000. The term than $2 million. The financing is available for the of this portion of the loan is 15, 20 or 25 years, purchase and acquisition of fixed assets and may but can not exceed Ihe economic life of the assets include the expense of interest on interim being acquired. The interest rate on this segment financing plus any professional services such as is 3/4% above Treasury Bonds of comparable appraisal, legal, architectural or engineering malurity. This loan is secured by a second ['ecs. mortgage. As a condition of eligibility, these loans muse The applicant provides the remaining 10% of create jobs and promole econonnc development tile project cost as equity in the loan package. widtin the community. Example Ineligible~ Businesses l,,.o~ct cos, s~00,000 and rurposes Appllcam (10%) - 10.000 Financing is not available for non-profit AmonntToBeFinanccd $ 90,000 organizations, financial institutions, unregulated From Bank (50%) $ 50,000 media, private recreation facilities and in- FromGDC/$BS(40%) $ 40,000 This financing may not be used for working Monthly payments of these loans are usually capital, debt consolidation or refinancing; or as 15% less than loans using conventional finan- venture capital, cing. Ccntralina De~'elopment Corporation charges a nominal fee for this service. This is included as Requirements par, or,he project eo~t. Interested applicants may apply for financing Thc applicant must be of good character, by calling Paul Herringshaw, Executive demc~nstratc compelenl nlanagenlenl ability and Director, Centrallna Development Corporation document tile ability to repay tile loan. In at 704/372-2416.