Manufacturing Technology Loan Fund
Upgrading your capital equipment and technology can be a vital step in expanding your markets, enhancing productivity and quality, remaining competitive, and improving your bottom line. We can help you secure financial assistance in purchasing the technology you need. Our in-house advisors can prepare your company for the loan application process, clarify terms and conditions, and review allowable uses of loan funds.
Loan limit Maximum loan of $200,000 or 50% of the total equipment costs, whichever is less (maximum of two loans outstanding per company)
Application fee $500, plus closing costs.
Collateral Loans are secured by lien positions on the assets being financed, and the company guarantee. Additional personal guarantees and collateral may be required.
Term Three to seven years, or the life of the asset, whichever is less.
Rate Contact us for a competitive rate.
MTLF requires your company to submit these documents with your loan application:
- Business and management histories, descriptions of business capabilities and resumes
- A three-year history of business financial statements, tax returns, accounts receivable/payable
- Interim financial statements no more than 90 days old
- Income statement projections and cash flow projections for at least one year
- Personal financial statements and tax returns
- Loan-related project descriptions, anticipated benefits and itemized project costs