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: 6.5%, 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.
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