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.