Eligible Activities Funds are awarded for infrastructure, building and capital equipment loans. The amount of financing is negotiated with. Infrastructure grants are available for necessary infrastructure for new and expanding industries. The local community is required to match all grants for infrastructure. Grants must have direct public as well as private benefit.
Interest rates fluctuate as the prime rate fluctuates.
The base prime rate of the loan is determined by the quarter in which the loan is awarded. Once the base prime rate is established, it will be in effect for the life of the loan. Application Companies applying for CDBG assistance must show that the loan is necessary and appropriate. Application must show documentation of a company's need for assistance as well as public benefit factors for the assistance. A pre-application meeting is required for all economic development projects.