State Offers Low Interest Business Loans

The state’s Regional 166 Direct Loan Program¬†promotes economic development, business expansion and job creation by providing financial assistance for allowable costs of eligible projects.¬† The program provides low-interest loans to businesses creating new jobs or preserving existing employment opportunities.

Application collection and review, along with initial program approvals are handled by certified local economic development agencies.

Allowable project costs include: Land and/or building purchase; Machinery & equipment purchase; Building construction and/or renovation costs; Long-term leasehold improvements; Ongoing businesses fixed asset purchase; Costs that can be capitalized which are directly related to a fixed-asset purchase.  Read more here.