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We want your business!
We want your company to relocate here. Saginaw Future Inc. and
Saginaw County will work together with you to develop a package you
can't refuse.
The County of Saginaw and
City of Saginaw both have revolving loan funds available to assist
companies. Descriptions of the programs a listed below:
Saginaw County Revolving Loan Fund
City of Saginaw Economic Development Corporation
Industrial Development Revenue Bonds (IDRB)
Small Business Administration 504 (SBA 504)
Small Business Administration 7(a) Guaranteed
Loan
Additional Capital Resources
Saginaw County Revolving
Loan Fund
The Saginaw County Revolving Loan Fund (RLF) is available for
companies making new investment and creating jobs in Saginaw County.
Funds may be used for working capital or fixed assets. Eligible
businesses are manufacturing companies, high tech firms, or
distributors. The program is administered by Saginaw Future Inc. and
all applications are reviewed by the County Revolving Loan Fund Board.
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City of Saginaw Economic Development Corporation (SEDC)
If a new investment/job creation project is located in the City of
Saginaw, loan funds may be available. Funds may be used for fixed
capital or inventory purchase and are subordinate to bank financing.
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Industrial
Development Revenue Bonds (IDRB)
The Industrial Revenue Bond program is tax exempt financing for
fixed asset purchases. The Saginaw County Economic Development
Corporation (EDC) authorizes issuance of the bonds that are sold to
single or multiple investors.
The Michigan Economic
Development Corporation (MEDC) also has a statewide program to issue
IDRB's through the Michigan Strategic Fund. Saginaw Future Inc.'s
staff can assist in pursuing these tax-exempt bonds from either
source.
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Small Business
Administration 504 (SBA 504)
A Small Business Administration loan program providing long-term
fixed rate financing for the acquisition or construction of fixed
assets. Projects are financed through a unique public/private
partnership that involves private lenders financing 50% of project
costs, MCDC (Michigan Certified Development Corporation) covering up
to 40% of project costs, and small businesses investing at least 10%
of project costs.
The SBA 504 Loan Program
offers two loan terms, ten and twenty years, carry a fixed rate equal
to a five-year treasury bond plus 1.75%, and a twenty-year loan
carries an interest rate equal to a ten-year treasury bond plus 2.1%.
The SBA 504 Loan Program
is primarily designed to assist healthy, expanding businesses
that have been in operation for two years or more.
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Small Business Administration 7(a) Guaranteed Loan (SBA 7(a))
The SBA 7(a) assists small businesses in obtaining a loan guarantee to
enhance conventional financing. When conventional sources have been
exhausted, small profit-making businesses that operate in retail,
construction, wholesale, manufacturing and other services may apply
for SBA 7(a) assistance.
Businesses apply for SBA
7(a) guarantee through a bank that submits the application to the
SBA's Michigan office. The SBA 7(a) provides working capital for the
acquisition of inventory, financing receivables, and diminishing
debts. Along with working capital, the SBA 7(a) covers fixed assets.
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Additional
Capital Resources
Capital Market Development
- Michigan is focusing intently on growing its capital markets through
creative programs to establish the necessary funding support for
companies to get the Upper Hand in emerging markets.
The BlueWater Angels
is a network of more than 30 high-net worth individuals and select
organizations interested in investing capital in promising companies
with the expectation of receiving a substantial return on their
investment. While ROI is absolutely the primary goal for BlueWater
Angels (BWA), the group also recognizes the value of supporting the
entrepreneurial community for the economic benefit of the entire mid
Michigan region and the state.
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