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The Development Company |
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The ECIPDA EDA RLF program covers eight of our nine counties, including Butte, Clark, Custer, Fremont, Jefferson, Lemhi, Madison and Teton counties. Eligible projects start at $40,000 and go to projects as large as $900,000. The borrower must provide a minimum of 15% of the total project costs as injection, either from cash or eligible equities in the business. The RLF then provides a maximum of 40% (usually 33%) of the project. The Private Third Party Lender, if any, then provides the difference, usually 52%. For projects where construction or renovations exist, the Davis/Bacon Wage Act must be followed. Also, prior to beginning the project an Environmental Assessment and Collateral Valuation must be done. The Custer EDA RLF program covers only Custer county. Eligible projects start at $5,000 and can go as large as $200,000. The borrower must provide a minimum of 15% injection into the project from eligible sources. The RLF can then provide up to 85% of the project, unless a Private Third Party Lender is available. This program is also subject to the Davis/Bacon Wage Act, as well as any Environmental Assessments and Collateral Valuations. |
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