BUSINESS ASSISTANCE PROGRAM

Loan Types

1. Short Term Loans
   • Type: Technical Assistance Loans. This is considered to be loans for accountant fees, architect fees, engineer fees, market surveys, legal services, grant application costs, management assistance.
   • Terms: Up to 90 days with principal and interest due in full. There can be one renewal with a 50% principal reduction and interest payment. Interest is to be paid monthly.
   • Maximum amount: $5,000
2. Intermediate Term Loans
   • Type: Major expansion or renovation to facility or acquisitions.
   • Term: Maximum length of loan will be 3 years
   • Maximum amount: $5,000 or 20% of total project whichever is less with a documented commitment for the 80% balance from local lending institution.
3. Long Term Loans
   • Type: Major expansion or renovation to facility of acquisitions.
   • Term: Maximum length of loan will be 5 years
   • Maximum amount: $5,000 or 25% of total project whichever is less with a documented commitment for the 75% balance from local lending institution.

Do I Qualify for Assistance?
If you are an Existing or Prospective Small Retail, Manufacturing or Service Product Business the Business Assistance Program offered by the Monmouth Area Chamber of Commerce Is designed to provide gap financing in conjunction with conventional bank financing.

Approval
The Chamber Board of Directors are responsible for the BAP asset quality and composition and the establishment of lending goals, objectives and policies. The Board of Directors will also be responsible for approving all BAP loan requests after review and recommendation by the Chamber BAP Loan Committee.

Use of Funds

• Machinery and Equipment
• Office Renovation
• Facility Acquisition
• Property Improvement (lighting, landscaping)
• Computer Systems Other (As approved by Chamber)

Loan Standards

• Borrowers must be located in Warren County
• Special consideration is given to Chamber membership
• If the borrower is not a member of the Monmouth Area Chamber of Commerce, the borrower shall be required to join the Monmouth Area Chamber of Commerce and to maintain membership for the duration of the loan.
• If the borrower sells his/her business, any outstanding loan balance is due and payable in full. This requirement shall be incorporated into the note with the borrower.
• The note to the borrower shall include language that any and all collection costs, including attorney fees, shall be paid by the borrower.