Economic
Development Corporation of Carthage (EDCC)
Contact:
Lori Borland, 493-0311 or 493-7414
Eligibility Criteria:
1. All sectors of the local economy are eligible to apply.
2. Funding uses are for fixed assets, inventory, working capital, and real
property.
3. Loans are limited to a maximum of forty (40%) percent of the total project
costs, but may be increased to 60% if it will help to rectify a blighted or
unsafe condition. Full collaterization is required. Lien position
must be third or better.
4. Cash equity of at least 10 (10) percent of the total project costs.
5. Generally, loans will carry a fixed interest rate of 5% percent.
Twelve (12)
completed and reviewed applications
must be submitted by the second week of the month which are reviewed
by the Board on the last Monday of each month.
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