The maximum amount of program financing may not exceed the ratio of $25,000 for each business loan request for lines of credit or working capital, and a maximum of $25,000 for machinery and equipment.
Program loans are interest free.
Participants will not be required to make any loan payments until a new bridge is open and in use.
"The term of a fixed asset loan will generally be consistent with the useful life of the assets being financed, such useful life periods being consistent with standard commercial lending policies but in no instance exceeding 10 years," Calabrese said. "The term of a line of credit and working capital loan may not exceed five years."
"The term of any loan under the program will be determined by the IDA, in its discretion, based upon such factors as the structure of other related loans, the nature of the collateralized assets, and the borrower's projected ability to repay the loan."
For more information on the Lake Champlain Bridge Recovery Community Revolving Loan Program, contact the Essex County Industrial Development Agency at 873-9114 or email@example.com.
Applications and program guidelines can be found on the Essex County IDA website: www.essexcountyida.com