517-265-5141

5285 W. US 223, Adrian, MI 49221

 
 

Business in Lenawee County, Michigan

USDA Loan Program

The Lenawee Now UDSA Loan program has the funding necessary to assist small businesses get started, grow and provide jobs in Lenawee County. Started in 2013, this program works in concert with private financing (banks, equity) to provide micro-financing for projects up to $40,000. Loans are particularly tailored for businesses that, for whatever reason, have found it difficult to meet traditional lending institution requirements.

We provide loans for:

  • Equipment upgrades
  • Facility expansion
  • Commercial Real Estate
  • Business Acquisition
  • Inventory
  • Start-up Capital
  • Working Capital

Loan Terms and Rates

The Lenawee Now USDA Loan program interest rates are higher than traditional bank rates, reflecting the level of risk associated with projects that do not meet traditional bank financing criteria. Terms and amortizations are tied to the planned use of the funds.

Loan Requirements:

  • The LEDC USDA Loan program cannot provide more than 75% of the funds required for the project.
  • The project CANNOT be started before the LEDC USDA loan has been approved by the USDA. Thus it is imperative that the LEDC be contacted as early as possible.
  • Collateral will be sought and personal guarantees are required by all owners of 20% or more.

Contact Tim Robinson at 517-265-5141 or tim@lenaweenow.org for more information about this loan program.