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

  • Business must be for-profit and located in Bay, Genesee, Lapeer, Livingston, Saginaw, Shiawassee and north Oakland counties

  • Business must retain or create jobs

  • Business must increase the tax base

  • Limited amounts of working capital may be financed only if fixed assets are part of the total project

  • 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

  • Made directly to the borrower where there is no bank financing

Participation, Subordination or Junior Lien

  • Partner with financial institution to leverage funds

Monitored Revolving Lines of Credit 

  • Structured per standard LOC protocol, mature on an annual basis

Non-Revolving Line of Credit

  • Structured to provide cash on a one-time basis

  • 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

  • Assignment of specific receivables or contracts as collateral, check from the borrowers customers mailed directly to Metro Community Development

Fixed Asset Financing

  • Additional equipment for expansion, replacing existing equipment, furniture and fixtures, leasehold improvements, renovation or expansion of physical facilities

Contract Finance Line of Credit

  • Loans will be tied to a specific contract characterized by periodic progress payment based on work completed

 
 

Our sponsors

BizBOX Main Office

Mott Foundation Building

503 S. Saginaw Street, Suite 804

Flint, Michigan 48502

Phone  (810) 767-4622

Fax  (810) 767-4664

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