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The purpose of the Microloan Program is to provide capital to small businesses in Eastern Idaho that might not otherwise be able to obtain it.

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Eastern Idaho Counties Eligible for Micro Loans

• Bonneville County
• Custer County
• Lemhi County
• Butte County
• Fremont County
• Madison County
• Clark County
• Jefferson County
• Teton County

 

Terms

  • Rates are set at between 2 to 4 percent above the Wall Street prime rate, depending on the risk associated with the loan.
  • Loans that have adequate collateral, and that create new employment will have lower interest rates.
  • Loans for working capital, startup costs, or inventories, have a maximum term of 5 years. Loans for machinery and equipment, or furnishings and fixtures, have a maximum term of 10 years, but under no circumstance will be longer than the useful life of the collateral.
  • Eligible borrowers include healthy for profit small businesses within Idaho seeking assistance in funding smaller projects; normally between $1,000 and $25,000.
  • These funds can be used for any legal business purpose, with the exception of real estate.
  • For example, the purchase of machinery and equipment, furnishings and fixtures; the purchase of inventory; working capital used for either startup costs, or expansionary activities.
  • These funds may not be used for the refinancing of existing debt, the purchase of equity positions in a business, or franchise fees or liquor licenses.
  • The borrower is expected to provide a down payment or existing equity in the business of no less than 15% of the total eligible project.
  • Interest rates for these loans are fixed for the life of the loan.