About Biz THRIVE

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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