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4/17/06 New Loan Program for Businesses
GulfCoast
Business Finance has initiated a new loan program available to Florida businesses. It utilizes the
Federal New Market Tax Credit (NMTC) program and offers general business
loans as well as NMTC business loans. The NMTC program permits taxpayers to
receive a credit against Federal income taxes for making qualified equity
investments in designated Community Development Entities including CRF USA, a national non-profit financial
services organization based in Minnesota. Tax credits are provided to investors totaling 39% of
the investment, and are claimed over a seven-year period.
CRF USA, through the NMTC Program
provides capital to communities by purchasing economic development and
affordable housing loans from community development lenders, including GulfCoast
Business Finance, Inc. (GBF).
Over
$400 million has already been provided to 110 lending partners in 24 states
and the District of
Columbia with
more than 1,600 loans in 39 states. Over $350 million in debt securities
have been purchased by banks, insurance companies and pension funds.
CRF has received over $412.5 million in New Markets allocations.
CRF USA provides a number of products
to meet various needs within the community including:
Business Loans—SBA 504 look-alike loans for up to $1.0 million
Project must demonstrate community impact
Job creation and retention
Revitalization of Low-to Moderate-Income Communities
Located in Targeted Business Development Areas
Serving Disadvantaged Populations as Business Owners
Serving Not-For-Profit Businesses
Renovation and expansion of vacant properties
Development of community services
Purchase of major equipment
NMTC Business Loans—loans for up to $2.5 million
Project must be located in a defined “area of greater
economic distress”
Job creation and retention in
qualified markets
Renovation and expansion of vacant properties
Renovation and expansion of
community facilities
Purchase of major equipment
Affordable Housing Multifamily Loans— first mortgage
loans on multifamily projects
Developed with Low Income Housing Tax Credits
Click here for a flyer on the New Market Tax
Credit loans
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Business Finance
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GulfCoast Business Finance’s web site
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