Programs are available to assist with the acquisition and installation of new and used machinery or equipment or to upgrade existing equipment by providing low interest loans. Special programs assist with special needs such as pollution and energy-efficient projects.
Machinery & Equipment Loan Fund (MELF)
Program is geared toward industrial, manufacturing, agricultural and direct mining operation only,
Funds can be used for acquisition and installation of new or used machinery and equipment directly related to the process. Upgrading is allowed.
Maximum loan amount is $500,000 or 50% of total project cost whichever is less.
Term of loan is up to seven years.
MELF requires one full time job created or retained within a three-year period for each $25,000 borrowed.
A minimum 10% equity investment is required.
Machinery and equipment may be ordered and received but not installed or operated prior to loan approval.
Current interest rate is 4 ¼%.
Small Business First (SBF)
Purchase of machinery and equipment and upgrades are eligible costs.
Maximum loan amount is $200,000 or 50% of project cost whichever is less.
Term is seven years for loan.
One full time job must be created or retained within three years from completion of project for each $25,000 borrowed.
Current interest rate is 5%.
Eligibility includes any project except mercantile, commercial or retail operations and personal/professional services.
Pollution Prevention Assistance Account (PPAA)
Acquisition or installation of pollution prevention equipment or process is funded by program.
$50,000 or 75% of total project cost, whichever is less may be borrowed.
An annual fixed interest rate of 2% is assessed.
Term of loan can be up to seven years or life of the asset, whichever is less.
Equipment may be ordered but not installed or operated prior to approval of loan.
Applicant must have no more than 100 employees and operate from a stationary source.
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