“LCPA can partner with your bank or work alone.”

LCPA has access to loan funds when more traditional bank financing is not sufficient or available to launch or expand your project. LCPA can partner with your bank or work alone. This is a mission based loan fund with the intent to provide gap financing, Underwriting evaluation is a part of our process.

We will ask you to submit a loan application and the supporting documentation to generally include cash flow projections, historical tax returns, and a business plan. To assist with your initial evaluation we have attached templates for your convenience.

FAQ’s

What do we fund?
  • Purchase of owner-occupied commercial real estate; building and leasehold improvements, machinery, inventory, working capital, and business acquisition
  • All business sectors including health services, manufacturing, professional and technical services, some retail, wholesale trade
  • Offers employment opportunities to local citizens
What is the typical loan amount? What are the terms?
  • The amount of our business loans range from $10,000 to $250,000, but we can also access funds from other programs.
  • The amortization ranges from 3 to 20 years, but we typically balloon the loan within 10 years.
  • Interest rates are assessed on risk and economic benefit, typically from 5-6%, fixed. No pre-payment penalties.
  • Loan fees are 1%. Borrower is responsible for typical closing costs associated with closing the loan.
  • We can help structure a deal where there may be multiple sources included in the project.
What collateral is needed?
  • We accept real estate, business equipment, and certain personal property as collateral. First position is not required.
  • Guarantees of the principals are required.

Incentives

LCPA has access to programs and incentives through local, state and Federal resources.

Areas include:

  • Grants to support job creation projects
  • Workforce training grants
  • Low interest loans
  • Grants to support Planning and Feasibility studies

Please give us a call so we can understand your project and needs to better guide you through this process. The options are numerous, but they typically have qualifying criteria.

Incentives (link pdf)