Aberdeen Development Corporation Revolving Loan Fund
Category: Aberdeen, job creation, loan, terms
Aberdeen Development Corporation provides:
- Revolving Loan Fund The ADC-RLF provides up to $10,000 per job amortized over 20 years, 3% to 6% interest rate with a 5-year balloon. The exact terms are set by the Aberdeen Development Corporation Board of Directors.
- Forgivable Loan Fund Forgivable Loans are available based on the number and quality of jobs. They are up to $1,000 per employee with a maximum of $100,000. Loan forgiveness is provided for FTE’s employed for 24 consecutive months before the loan becomes due.