Objectives and General Information
The Bucks County Economic Development Corporation Business Builder Loan Program was established to provide funding to small and emerging Bucks County companies.
The primary goal of this loan program is the creation and preservation of employment consistent with all programs available through the Bucks County Economic Development Corporation.
Loan proceeds may be used for the acquisition of land and building, expansion, machinery and equipment and certain other eligible activities. Since funds are limited, applicants are encouraged to contact the BCEDC office to determine if sufficient funds are available for your project.
Assuming sufficient funds are available, a Preliminary Application will be accepted. This will include the amount of the loan requested, the purpose of the loan, the last fiscal year statement prepared by an accountant or the most recent corporate tax return, and a personal financial statement. In lieu of sufficient collateral, a Letter of Credit in the amount of the loan requested may be required. Upon receipt of preliminary approval, an applicant will be asked to submit a complete application. DO NOT submit a completed application without first receiving preliminary approval.
Interest Rate and Term of Loan
Loan terms and conditions are determined on a case-by-case basis at the sole discretion of the Bucks County Economic Development Corporation but generally runs 1/2% below prime (6% in the Enterprise Zone of Bucks County) with an amortization tied to the life of the asset.
|Land & Building||10 year amortization with 7 year balloon (15/10 in Ent. Zone)|
|Machinery & Equipment||7 year amortization with 5 year balloon (10/7 in Ent. Zone)|
|Working Capital||5 year amortization with 3 year balloon (no change in Ent. Zone)|
Each application must be accompanied by a $1000 non-refundable application fee. A 1% placement fee will be charged at closing in addition to legal fees including document preparation and processing. For additional information, contact the BCEDC at 215-348-9031.