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Finance Terms and Conditions

  • Loan Amount – Loan amounts are always subject to availability of funds.  There is no set minimum or maximum.
  • Interest Rate – Vernon County offers fixed rate schedules.  Below market interest rates may be available.  The Revolving Loan Committee sets the interest rate.
  • Term – The term of the loan cannot be longer that the term of conventional financing.  Maximum terms are:  Real Estate- 12 years with an option of refinancing for an additional 8 years; Equipment-10 years; Working capital -7 years.
  • Collateral – Security is required.  This may include liens on business or personal assets.  Personal guarantees of the principal owners (more than 20% or the firm) will be required.
  • Repayment – A monthly repayment schedule is developed.