Enterprise Zone Corp. of Braddock

Serving the Boroughs of Braddock, North Braddock, Rankin and Swissvale

 Loan Program Overview and Program Requirements

  

            The purpose of the Enterprise Zone Corp. of Braddock Development Fund is to stimulate business development and the creation of new jobs by providing low interest loans, in conjunction with banks and other lenders for a broad range of projects.

 

Eligible Activities:

            -Acquisition of land and buildings

            -Fixed asset activities, such as infrastructure improvements to land and renovation to buildings

            -Machinery and Equipment

            -Working capital and inventory (note: funds may not be used to refinance debt)

 

Ineligible Activities:

            -Businesses that discriminate - race, color, creed or national origin

-Enterprise whose primary operations serve alcoholic beverages, such as bars, taverns, or beer distributors

            -Fraternal clubs with closed membership

            -Personal care homes

            -Speculative businesses

           

Amount of Loan:

            -Up to 50% of the total project's cost, maximum loan $100,000

 

Cost to Borrower:

            -Interest rate set at 4%, fixed

            -Loan closing costs

            -$100 loan application fee

            -Annual service fee if required by participating financial institutions

Term:

            -Not to exceed that of lender or less depending upon collateral

           

Special Conditions:

           

-Amount of lending will be weighed against the number of jobs created, amount of total project, and hiring (job creation) preference given to local residents with up to $20,000/job creation Braddock, North Braddock, Rankin and Swissvale residents, $10,000/jobs non-Braddock/North Braddock/Rankin/Swissvale area residents.

 

General:

 

            -Loans must be secured by adequate collateral

            -Commitment letter from bank needed at time of application 

 

EZCB, P.O. Box 678, Braddock, PA 15104 or call the Enterprise Zone at 412-371-6380.

E-mail: chstarrett@comcast.net 
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(FOR OFFICE USE) # ________

 

Enterprise Zone Corp. of Braddock

Loan Information Checklist

 

The following items that are checked represent information the Enterprise Zone Corp. of Braddock may need for review of the loan request.  If you have any questions, please do not hesitate to contact the corporation at

412-371-6380.

 

_____  Written description of business, brochure, or business plans (if any)

 

_____  Organization charts/diagrams (if any)

 

_____  Bids, invoices, contracts, etc. to verify use of funds (if any)

 

_____  Current personal financial and/or three years prior tax returns for principals

 

_____  Three to five years' annual financials (on prospects)

 

_____  Current annual financials

 

_____  Current interims (if available)

 

_____  Projections (if available-especially for start-ups and significant requests)

 

_____  Financials on related companies (if available)

 

_____  Evidence of collateral values/appraisals (if any)

 

_____  Approval for corporation to undertake credit checks on applicant

           

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DATE:_______________

                                                    Enterprise Zone Corp. of Braddock

                                                                  Letter of Interest

 1.         Name of Borrower:     

                                              ______________________________________________

 

            Address of Borrower:   _____________________________________________________

 

                                                 

            Phone Number:  (W)    ______________ (H) __________________

 

2.         Name of Business:        ___________________________________________________

 

            Address of Business:     ___________________________________________________

 

                                                ____________________________________________________

 

3.         Purpose for the funds:   _________________________________________________

             (25 words or less)

                                             __________________________________________________

                                              _____________________________________________________

 

4.         How long have you been in business?

 

                        _____  3 + years        _____  1 - 3 years         _____ Start up

 

5.         Do you have established bank relationship(s)?

 

            _____  YES                     _____  NO    If yes where?_______________________

 

6.         Do you have a business plan?

 

            _____YES       _____  NO      if yes    _____  Formal                 _____ Informal

 

7.         Anticipated amount of funds necessary for item 3 above $ ___________________

 

8.         A.  Number of jobs to be retained ____________.

 

            B.  Number of jobs to be created  ____________.

 

            Proposed borrower may utilize this form to express interest in participating in the Enterprise Zone Corp. of Braddock loan program.  Please send form and other information (if any) to:

                                                            Enterprise Zone Corp. of Braddock

                                                            P.O. Box 0678

                                                            Braddock, PA  15104

  E-mail: chstarrett@comcast.net

 

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