|
Direct Loan Program
Small Business Loan Program (VSBDC)
Local Development Corporation Program
Commercial & Agricultural Energy Loan Programs
|
- Variable interest rates based on VEDA’s cost of funds, typically comparable to bank interest rates.
- Fixed interest rates (fixed for 5 years) on loans up to $500,000. Interest rates may be re-fixed for an additional 5 year period at then prevailing interest rates or converted to VEDA’s variable interest rates.
- Interest rates include a VEDA subsidy for the first 5 years based on the Project’s economic development potential.
- Interest rates are adjusted weekly based on the markets. Please call for current VEDA variable and fixed commercial interest rates.
|
- Loans ≤ $1,000,000: 1% commitment fee with a $5,000 maximum*
- Loans > $1,000,000: 0.5% commitment fee, with no cap.
- Minimum commitment fee of $250
- $30 Credit Report fee
- If applicable: Appraisal fee (or Commercial Engineering Report on Solar loans), Document Recording fee, Flood Certificate fee and other out-of-pocket fees.
*Projects involving NMTC have no maximum |
|
Tax-Exempt 501(c)(3) & Small Issue Manufacturing Revenue Bond Programs
|
- Interest rates on tax exempt bonds issued by VEDA may be variable or fixed and are negotiated between borrower and bond purchaser(s).
|
Issuance fee:
- 501 (c) (3) Non-Profit bonds: 0.5% of bond up to $25 million
- Small Issue Manufacturing Bonds: 0.625% of bond for new issue up to $25 million
- New bonds over $25 million or for refunding of bonds originally issued by VEDA: 0.25% of bond issuance
Up to 2% of bond proceeds may be used for certain project fees.
|
|
Entrepreneurial Loan Program
|
- SBA Community Advantage Guaranty of 75% to 85% of loan amount for eligible ELP loans needing additional collateral on loans up to $350,000.
- Unguaranteed: variable WSJ Prime+ 2.50%
- SBA guaranteed: variable WSJ Prime or VEDA 5-year Fixed Rate
|
- 1% commitment fee with a minimum fee of $250.
- SBA Community Advantage Guaranty: Borrowers are responsible for up-front guaranty fees when required. These fees vary with loan size and term. SBA is currently waiving these fees.
- $30 Credit Report fee
|
