Urban Enterprise Association
UEA Revolving Loan Fund:
The Anderson Urban Enterprise Association (UEA) has established a Revolving Loan Fund (RLF) program that operates through the Department of Economic Development. The major goal of the UEA is to provide small businesses within the former UEA zone as well as designated areas in Park Place and the Westside, access to a flexible source of capital for facade improvements at rates and terms more desirable than conventional financing; and to improve the physical appearance of the targeted areas through low interest financing.
Eligible Applicants and Projects:
Generaly, any small business is eligible if they meet the definition of Small Business Administration (SBA) size criteria. in addition, the applicant must belocated within the specified target areas. Access to the UEARLF is open to property owners and tenants with the consent of the property owner.
Eligible Facade Uses of Fund:
- Landscaping
- Parking lot improvements
- Exterior decorative renovation
- Replacement of exterior windows, roofing, etc.
Following a loan selection criteria, the RLF is structured as a tandem loan program that works in cooperation with major banks in Anderson. Loan applicants must find a sponsoring bank to support fifty percent or more of the total loan. If the bank determins it can make the loan with RLF assistance, then the bank will submit a request to the Anderson Urban Enterprise Association.
The UEARLF will be accessed in an amount of up to thirty-three (33%) percent of the total loan package with the UEARLF portion not to exceed $15,000 or a minimum of $3,000.
The private lender's portion of the project will be an interest rate as negotiated between the lender and the borrower. UEARLF interest rates will be set at 4 points under the New York Prime interest rates as published in the Wall Street Journal, with a floor of 4.00%. Interest rates will be set for the length of the loan.
For more information please contact us at (765)648-6112.
- Latest UEA Agenda - 02/02/06
