The ELF is designed to provide working capital to businesses during periods of decreased business and/or temporary closure. BCEDC Board President Frank Marchione commented. “The entire BC EDC Board of Directors supports this initiative as a way to help lessen the financial impact brought upon on small businesses by the coroanvirus and the recently mandated business closures. We are hopeful that this loan program will provide some relief to those businesses impacted and allow them to get back on their feet in the near future.”
The loan program will have a maximum $30,000 cap and offer and interest rate of 3% with the first six months of no interest or principal. The loan will have a seven (7) year amortization with a 36 month term and associated balloon payment. For example, a $30,000 loan in accordance with this term and rate would, after six months, equate to a monthly loan payment of $357.14 with a balloon of $21,577.73 due in the 36th month.
BCEDC Financial Director Lynn Oliveira stated that “The purpose of this loan pool is to provide businesses with affordable payments during the term of the loan and afford them the opportunity to regain their financial footing and pay off the balloon at the end of the term.”