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ELIGIBILITY
1. Applicants will sign a release allowing the agency to complete a credit inquiry on the individual, joint partnership and/or business.
2. Businesses may not employ more than 10 people.
3. Business and residence of the individual must be in McDowell County.
4. Loans to applicants engaged in illegal activities or production, servicing or distribution of illegal are ineligible.
5. The NXLevel Training Program or an equivalent Small Business Training Program must be completed.
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PROGRAM PROCEDURES
1. Interested Borrowers should request a loan application package from the McDowell County EDA. Applicants will be required to have a pre-application meeting with the West Virginia SBDC for McDowell county. The purpose of this meeting is to review proposed project and eligibility requirements.
2. A complete application package must be submitted to the McDowell County EDA. If the application is complete, staff will assemble the loan package for executive loan committee approval/denial. Imcomplete or additional information requests packages will be returned to the loan applicant for further changes and can be resubmitted.
3. If approved, the loan agreement is executed with the applicant. All closing costs, including such legal services as may be required by the McDowell County EDA, are to be bourne by the borrower.
4. The loan fund disbursement will be made in one payment.
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LOAN CHARACTERISTICS
1. The loans will have a minimum amount of $1,000 and a maximum amount of ,000 and will not exceed a term of 72 months.
2. The interest rate will be fixed based on the credit of the borrower. The interest rate will be prime rate to prime rate plus 3%.
3. There will be a closing cost of per loan. The closing cost will be included in the loan payment. The first loan payment is due 90 days after closing.
4. Collateral may be held on any loan based on the decision of the committee. Collateral may be equipment, property, securities, receivables, or inventory.
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