MCIDC Business Financing Programs

MACHINERY & EQUIPMENT LOAN FUND (MELF)

Description: Low-interest loan financing to acquire and install new or used machinery and equipment or to upgrade existing machinery and equipment

Eligibility:

• Manufacturing
• Industrial
• Agricultural enterprises
• Direct mining enterprises

Eligible Uses:

Machinery and equipment acquisition and upgrading and related engineering and installation costs directly related to the operations or processes

Where to Apply: MCIDC office or Single Application

Amounts:

Loans up to $500,000 or 50% of the total eligible project costs, whichever is less

Terms/Conditions:

Interest rates as low as 3% (10/2008)
Up to 10-year term, depending upon the useful life of the machinery being financed
$25,000 cost per job retained or created
Project must be directly related to the manufacturing process