The U.S. Department of Housing & Urban Development (HUD) approved a $13.34 million low-interest loan pool for the Palm Beach County (PBC) Section 108 Loan Program. The commitment is the second from HUD.
The low-interest loan pool will be administered by the county’s Economic Development Office (EDO). EDO intends to offer financial assistance to eligible businesses in eligible areas, create jobs and strengthen the local economy. The time frame to use the loan commitment is five years.
“Access to credit is hard to come by for local businesses. EDO in partnership with the Palm Beach County Department of Housing and Community Development is pleased to announce the availability of $13.34 million for businesses seeking capital to expand,” said EDO Director Kevin Johns.
The loan rate is based upon the three-month London Inter Bank Offered Rate (LIBOR) at the time of closing plus 1%.
The PBC Section 108 Loan Program is designed for business projects that need to close a financial gap and have both permanent financing and equity in place. The business must have been in operation for at least two years and show that it is profitable. The Loan Program Criteria is available at EDO’s Web site, www.pbcgov.com/edo. For further information, please contact Claudia Lopez at (561) 355-1680 or by e-mail at clopez@pbcgov.com.
HUD is the nation’s housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The department also promotes economic and community development as well as enforces the nation’s fair housing laws. For more information about HUD and its programs, visit www.hud.gov.
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