Interest Rate - Fixed and reflective of a competitive rate. Collateral Subordinated position on assets being financed. Personal guarantees from the owners of the company. The jobs must be certain and achievable and not speculative. Location of Business To be eligible to participate in this program, the business must be located within the City of Blaine.
Eligibility Be a for-profit corporation, partnership, or sole proprietorship.
Be a small business as defined in the regulations of the United States Business Administration. Demonstrate that the cash flows is sufficient to cover the proposed debt service and show a positive net worth. Create a sufficient number and type of jobs that benefit low and moderate family income persons to justify participation in this program. All payments for previous CDBG loans must be current for a company to be considered for an additional loan.