Give your grocery store, butcher shop or other business that sells, produces or distributes fresh or healthy food a boost with a loan from MMCDC. These loans from MMCDC provide funds that can be used for real estate purchases, construction, renovations, leasehold improvements, equipment, inventory or working capital.
Loan Details:
- Loan Amounts: $50,000–$2,000,000
- Interest Rate: 5.99%, fixed
- Term: Up to 10 years, up to 20-year amortization
- Origination Fee: 0.5%
- Loan-to-Value Ratio: Dependent on collateral type
Loan Purposes:
- Development or preservation of a retail business provider of fresh food
- Renovation to allow or improve capacity of retailers to provide or expand fresh product offerings
- Preservation, creation or expansion of healthy food business incubators and educators
- Development, redevelopment or expansion of healthy food enterprises
Borrowers must meet CDFI and MMCDC loan requirements and have prior food retail or food enterprise experience. Excludes restaurants and convenience stores. Preference will be given for projects located in underserved areas indicated as low access on investinginfood.com/eligibility. These funds are federally sourced and subject to availability. All loans submit to approved credit. MMCDC is an equal opportunity employer, provider and lender. This is not applicable for refinance loans.
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Frequently Asked Questions (FAQs)
What types of businesses are eligible for MMCDC food-related loans?
Eligible businesses include grocery stores, butcher shops, food producers, distributors and other enterprises that sell or promote fresh or healthy foods. Restaurants and convenience stores are not eligible.
What can the loan funds be used for?
Loan funds can be used for:
- Working capital
- Real estate purchases or construction
- Renovations and leasehold improvements
- Equipment purchases
- Inventory
What are the loan amounts available?
Loan amounts range from $50,000 to $2,000,000.
What is the interest rate and term of the loan?
The interest rate is 5.99% fixed. Loan terms are up to 10 years, with up to a 20-year amortization.
Is there an origination fee?
Yes, there is an origination fee of 0.5%.
What determines the loan-to-value (LTV) ratio?
The LTV ratio depends on the type of collateral being used to secure the loan.
What types of projects qualify for funding?
Eligible projects include:
- Developing, redeveloping or expanding healthy food enterprises
- Developing or preserving fresh food retail businesses
- Renovating facilities to expand fresh product offerings
- Creating or expanding healthy food business incubators or educators
Who can apply?
Borrowers must meet CDFI and MMCDC loan requirements and have prior experience in food retail or food enterprises.
Are there any location preferences?
Yes. Preference is given to projects in underserved areas identified as “low access” on investinginfood.com/eligibility.
