WHEDA may provide a Guarantee of up to:
 | Lesser of 80% of the loan or $600,000; or |
| $100,000 for commercially harvesting whitefish from Lake Superior |
For variable rates, use the lowest Prime lending rate as quoted in the Midwest Edition of The Wall Street Journal as the interest rate index. Interest rate charged to the Borrower may not exceed Prime + 2 3/4%.
For fixed rates, use your standard rate, which will be subject to approval by WHEDA.
The term of the guarantee is up to 15 years for fixed assets and up to 7 years for inventory and permanent working capital.
When the guarantee is used to refinance an existing Note or credit card debt, the term of the guarantee may not exceed the remaining useful life of the assets securing the Note.
The amortization cannot exceed the useful life of the security, however it can exceed the term of the Agribusiness Guarantee.
The Lender must obtain a security interest in the physical plant, equipment, machinery, or other assets of the business and/or owner(s). Personal guarantees may be required.
WHEDA reserves the right to require additional terms and conditions that may include: limitations on owner draws, salary, capital expenditures, dividends, etc.
