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Terms
- Minimum and maximum loan amounts eligible for the subsidy are $10,000
and $99,000, respectively.
- For a business more than three (3) years old, the maximum subsidy
is $10,000 per Full Time Equivalent (FTE) job created or retained.
- For a start-up, or acquisition or expansion of a business less than
three (3) years old, the average income and unemployment rate in the
county where the business is located are compared against State averages.
This sets the subsidy amount at $10,000, $15,000 or $20,000 per job
created or retained.
- Maximum term of the subsidy is two (2) years.
- Amortization and term of the loan may exceed the term of the subsidy.
- Interest rate on the subsidized portion of the loan is Prime - 1%
during the first two years of the loan.
- WHEDA purchases a Certificate of Deposit at a rate of 2% or Prime
minus 4%, whichever is higher, from the lending institution providing
the financing.
Fee
- $100 nonrefundable application fee that may be financed and included
in the loan request.
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