Local Development Corporation Loan Program
This program provides financing to nonprofit local and regional development corporations to build facilities for lease to identified eligible tenants, or to plan and/or develop industrial parks.
Eligibility
- All nonprofit Local Development Corporations (LDCs) and Regional Development Corporations (RDCs).
Use of Proceeds
- Purchase of land for industrial parks;
- Industrial park planning and development;
- Construction or improvement of speculative buildings;
- Small business incubator facilities.
Loan Rates and Terms
- Loan terms vary with the purpose of the loan. Click here for current rates and fees;
- VEDA must have a first mortgage on the land, leasehold improvements or building, and appurtenances financed;
- Industrial park loans cannot exceed 80% of the appraised fair market property value.
Application Process
- Most loans may be approved internally by VEDA staff;
- Loans exceeding $1 million are presented to the VEDA Board for monthly consideration;
- Applicants are advised to discuss their proposed project with VEDA staff prior to submitting the application;
- Application may be downloaded or obtained from the VEDA office.
