Tuesday, August 4, 2015
The Small Business Advantage Grant (SBAG) is a grant program providing 50 percent matching grants, up to a maximum of $9,500.00, to enable a Pennsylvania small business to adopt or acquire energy efficient or pollution prevention equipment or processes.
Who is eligible?
Just about any Small Business operating in the United States. There are a few ineligible industries, and typically small business is defined by the SBA as having 500 or less employees.
What can the loan be used for?
Loan proceeds can be used for long or short term working capital needs, to purchase machinery/equipment, purchase or renovate real estate for the business, refinance existing business debt.
Borrowing ability, Term and interest rate?
Maximum borrowing ability is $5M under this program. Terms are Generally 25 years on property, 10 years on machinery/equipment, and up to 7 years on working capital.
Since the loan is only guaranteed by the SBA , the rates are negotiable with the lender. SBA does have ceiling guidelines on allowable interest rates for variable and fixed loans.