Administered through the Small Business Administration, it provides long-term, fixed rate financing for small businesses to acquire real estate, machinery and equipment for expansion of business or modernizing facilities. In addition to the SBA, a local lender and a Certified Development Company (CDC) are involved with the loan
Certified Development Company
A CDC is a nonprofit corporation set up to contribute to economic development in its region. Frontier Certified Development Corporation in Casper is such a corporation. Loans range from $750,000 to $1,300,000 with paybacks of 10 or 20 years only.
Rates on loans are based on current market rate of 5 and 10 year U.S. Treasury issues plus a 3% loan fee. Generally, a business must retain or create one job for every $35,000 provided by the SBA.
More information available from the Frontier Certified Development Company.