MCIDC Business Financing Programs

SDC EXPANDED BRIDGE LOAN

Description: Bridge Loans for small companies seeking financial assistance for various needs.

Eligibility:

Existing businesses or new businesses which have key managers and a proven track record in the business or a similar business; businesses with less than $2,000,000 in annual sales; businesses located within the greater Montgomery County area; and emphasis will be placed on businesses located within designated redevelopment or revitalization areas.

Eligible Uses:

Working capital, small equipment, either lease or purchase, inventory, product development, marketing and third party consulting.

Amounts:

Up to $50,000

Terms/Conditions:

A one to one match must be provided with either applicant equity, other financing or in-kind contributions. Term of the loan will be for a maximum of 3 years. At expiration, a loan review will take place to determine: (i) extending the term of the loan or (ii) placement under an alternative loan program that might be more appropriate and beneficial. Personal guarantees will be required. Additional collateral will be determined on a case-by-case basis. The interest rate for these loans will be at a rate of prime plus a spread which will be determined upon market fluctuations, strength of the applicant/business or participation risk to SDC. SDC may require that “advisors” be brought on board to assist the business with specific needs. Funding for such advisors may be provided by SDC at no cost to the business.

Advantages:

Allows companies to obtain funding when they may not have additional collateral available in order to grow their business.

Where to Apply: MCIDC/SDC office

Click Here to download the SDC Expanded Bridge Loan Guidelines, Instructions and Fees
Click Here to download the SDC Expanded Bridge Loan Application

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