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When businesses are positioned for growth, machinery and equipment, and real estate may be significant keys to their growth. The Community Reinvestment Fund Business Loan program, offered by HCDC, provides flexible financing on loans up to $1 million, with fully amortizing fixed rates and terms up to 20 years.
Like its name implies, the Community Reinvestment Fund Business Loan focuses on reinvesting capital in the community so that businesses can develop and expand. To ensure that the funds are used to strengthen the area, the project must demonstrate community impact. Through HCDC’s Community Reinvestment Fund Business Loan financing, jobs must be created or retained and the properties that are renovated and expanded must be a minimum of 51% owner-occupied.
Features That Deliver Flexibility
Flexibility makes the Community Reinvestment Fund Business Loan program a good fit for a variety of businesses.
- Eligibility requirements are less rigid.
- Refinancing and debt consolidation are possible.
- There are no net worth considerations.
The Community Reinvestment Fund Business Loan program is available when an SBA 504 loan is not an option.
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