BEDAApril 30, 2014 5:39 pm
Grand County Business & Economic Development Association
BEDA Business Loan
Purpose of the Fund/Loan Selection Criteria:
• To make low interest loans to new or existing business that will benefit the economy of BEDA’s service area.
• The BEDA Fund reserves the right to deny a loan to any business based on analysis of the strengths and weaknesses of the business, management capacity, and loan lending policies.
Loan Interest MTE:
• The BEDA Loan Fund (BLF) makes loans at low interest rates, generally at prime rate, to prime plus one.
• Rates are usually fixed, but may be adjustable over the term of the loan.
Terms of the Loan:
• Generally two (2) years, to a maximum of five (5) years.
• Real Estate and Construction loans are discouraged.
• The minimum loan amount is $1,000
• The maximum loan amount is $5,000
• There is a $50 application fee, due upon submission of a completed application package. Applicable fees may be charged at the time of the loan closing.
• If your loan application is complete, it may take up to six (6) weeks for the Loan Committee to review, and approve or deny your loan.
• Only complete applications will be reviewed.
• You must enclose the application fee of $50, made payable to the Grand County BEDA Loan Fund, for your application to be reviewed by the Loan Committee.
All business loans will be required to have a personal guarantee.
Loans can be up to $5,000. We will consider more with adequate collateral.