Local Development Corporation Program

Eligibility

  • All nonprofit local and regional development corporations (LDCs and RDCs).

Use of Proceeds

  • Purchase of land for industrial parks;
  • Industrial park planning and development;
  • Construction or improvement of speculative buildings; and
  • Small business incubator facilities.

Loan Rates and Terms

  • Loan terms vary depending on the purpose of the loan. See current VEDA rates;
  • VEDA must have a first mortgage on the land, leasehold or building, and appurtenances financed; and
  • Industrial park loans cannot exceed 80% of the appraised fair market property value.

Fees

  • 1% commitment fee;
  • $1,000 minimum to $3,500 maximum;
  • $18 flood insurance certification (if required);
  • Document recording/discharge fees; and
  • No application fee.

Application Process

Comments are closed.