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

Related Resources

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