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Loan Guidelines

Revolving Loan Fund (RLF)

Loan Amount: Minimum – none
Maximum – $250,000
Financing Mix: 30% of total project – GLE (not to exceed $250,000)
50% of total project – financial institution*
20% of project – equity*Exception: when client has their own internal financing to cover 70% of total project costs.
Interest Rate: At the discretion of the GLE Board of Directors:

  • 1/2 of prime interest rate at time of loan approval
  • maximum of 1/2 of prime interest rate at time of loan approval, plus 2% or prime interest rate, whichever is less
Loan Term: Matches financial institution financing up to a maximum of 10 years
Fees: Consulting – NLEA

  • Start-up fee of $500
  • 1.5% application fee of loan amount approved (payable only if loan approved by GLE)

GLE

  • 1.5% administrative fee (one-time fee based on total amount of loan)**
  • Reimbursement of all legal and approval process fees (including appraisal fees, if applicable), whether or not loan is closed**
  • 1% annual loan service fee charged on unpaid principal as of January 1 of each year**

**NOTE: These fees may be waived depending on collateral offered.

Counties Served:
All 26 counties in GLE’s service territory covering western and northern Michigan from Kalamazoo to Mackinac Straits.


Zero Interest Loan Program

(In cooperation with USDA – Rural Development)

Loan Amount: Minimum – $100,000
Maximum – $2 million
Financing Mix: 30% of total project – GLE (not to exceed $2 million)
50% of total project – financial institution*
20% of project – equity
*Exception: when client has their own internal financing to cover 70% of total project costs.NOTE: GLE’s maximum loan amount is $2 million
Interest Rate: Zero percent
Loan Term: Matches financial institution financing up to a maximum of 10 years.
Fees:
Consulting – NLEA

  • Start-up fee of $1,500
  • 1.5% application fee of loan amount approved (payable only if loan approved by GLE)

GLE

  • 1% administrative fee** (one-time fee based on total amount of loan)
  • Reimbursement of all legal and approval process fees (including appraisal fees, if applicable), whether or not loan is closed**
  • 1% annual loan service fee charged on unpaid principal as of January 1 of each year**

**NOTE: These fees may be waived depending on collateral offered.

 

Counties Served: All 26 counties in GLE’s service territory covering western and northern Michigan from Kalamazoo to Mackinac Straits.