City of Saginaw MI -
Get a Loan
Loans are available up to $220,000 for the following:
- Commercial Real Estate Acquisitions
- Construction/Renovation (Subject to Davis Bacon-Act)
Interest Rates and Terms
Treasury rate + 1% (subject to change)
2-10 years on machinery, equipment, inventory, furniture, and fixtures.
Up to 15 years on commercial real estate.
(Loan terms are normally comparable to the life of the asset)
- The applicant's project must be located within the City of Saginaw.
- Must have the ability to create one full time job or two part time jobs for every $35,000 borrowed.
- Borrowers are required to contribute 10% of the loan amount.
Businesses that are interest in applying for the loan should submit:
- A Complete business plan with Financial Statements, Marketing Plan, Description of Products/Services and Management Resumes
- A written bank approval with written maximum amount approved OR two written bank denials from at least two banks before SEDC is considered.
- Evidence of 10% equity investment.
- Quotes of items being purchased by SEDC.
- Personal Financial Statement
- Signed Loan Application
- Tax returns (business tax returns and personal tax returns), including all schedules for prior three (3) years. (If new business, submit your last three (3) personal income tax returns).
- Balance Sheets/Projected Balance Sheets (Year 1 by month, Year 2 by year).
- Profit and Loss Statement/Projected Profit and Loss Statement (Year 1 by month, Year 2 by year).
- Statement of Cash Flows/Projected Statement of Cash Flows (Year 1 by month, Year 2 by year).
- $250 application fee (non-refundable).
Once you have all the documents, you will submit them to:Saginaw Economic Development Corporation
1315 S. Washington Ave.
Saginaw, MI 48601
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FREEDOM OF INFORMATION ACT
The Freedom of Information Act (FOIA) rules have changed. To see how the City of Saginaw is now handling FOIA requests, please visit our new FOIA page.
ROAD CONSTRUCTION:- GRATIOT AVE. ROAD CLOSURE BETWEEN MICHIGAN AND WILLIAMS