LNEDC                      

Interest Rate:

• A fixed percentage is charged. Repayment is computed on a monthly basis

Loan Maturity

• Loan terms are matched to the asset financed but not to exceed 10 years.

Loan Limits

• Maximum $30,000
• Minimum   $5,000

General Credit Requirements

A loan applicant must:

• Show evidence of experience and knowledge to operate the business successfully
• Provide a minimum equity injection.
• Show that the proposed loan is secured by sufficient collateral to ensure repayment.
• Create or retain a minimum of one job for every $25,000 borrowed
• Not be delinquent to any taxing authority or agency thereof.