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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.

 

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