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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