NDC loan program will expire in January

E-mail this story

Print this story

Special to Daily News

The Newton Development Corporation reminds local businesses and building owners that the Commercial Loan Program will expire on Jan. 31, 2009. “We are pleased that several existing businesses have taken advantage of this program.” Bev Price, NDC Chair said, “While many businesses have utilized these funds to expand or improve their business, we still have some funds available. I encourage any local business in need of expansion or improvement funds to contact one of the participating banks.” Businesses or building owners can apply to receive any amount up to $100,000 at a guaranteed 4.9 rate with a three-year balloon. Money borrowed can be used for building improvements, business expansion or equipment purchase. Participating banks include Community State Bank, First Newton National Bank, Vantus Bank and US Bank, each pledging up to $1 million for the program. “It’s wonderful that these banks are supporting our existing businesses and making this money available for a very favorable rate,” said NDC Executive Director Kim Didier. “Over 80 percent of our local economic growth will come from our existing business base. Supporting the financing needs of our existing businesses is essential to our growth strategy.” Any interested business owners can go to any of the participating banks.