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About Biz THRIVE
Business Financing
Metro Community Development will finance up to $200,000 of the total project. Eligible uses include building, construction, improvements, equipment purchases, contract financing, and in limited cases, working capital. Projects totaling $50,000 to $1,000,000
are best suited to this program.
Eligible Projects for Financing
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Business must be for-profit and located in Bay, Genesee, Lapeer, Livingston, Saginaw, Shiawassee and north Oakland counties
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Business must retain or create jobs
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Business must increase the tax base
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Limited amounts of working capital may be financed only if fixed assets are part of the total project
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Commercial rental real estate projects may be eligible if the project will create a significant increase in the tax base or the tenant business will create a substantial number of new jobs
A minimum of 10% down payment is required from the borrower.
A larger down payment or extra collateral is requested in cases of special purpose real estate, or collateral shortfalls. Metro Community Development
will finance directly or participate with a bank. A participating bank
must finance at least 50% of the total project.
Types of Loans
Direct Loans
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Made directly to the borrower where there is no bank financing
Participation, Subordination or Junior Lien
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Partner with financial institution to leverage funds
Monitored Revolving Lines of Credit
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Structured per standard LOC protocol, mature on an annual basis
Non-Revolving Line of Credit
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Structured to provide cash on a one-time basis
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Fully funded at closing or structured as a non-revolving line. Re-payment is tied to a date when company is expected to collect substantial amounts of cash
Contract of Purchase Ordered Line
of Credit
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Assignment of specific receivables or contracts as collateral, check from the borrowers customers mailed directly to Metro Community Development
Fixed Asset Financing
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Additional equipment for expansion, replacing existing equipment, furniture and fixtures, leasehold improvements, renovation or expansion of physical facilities
Contract Finance Line of Credit
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Loans will be tied to a specific contract characterized by periodic progress payment based on work completed