Energy Improvements

Dover Economic Loan Program

Entrepreneurial spirit in a community reflects the economic health of business and can provide job opportunities to residents. Good business ideas, however, need support from many sources in order to prosper. The Dover Economic Loan Program can provide partial financial assistance needed to ensure the viability of promising business ventures. If you are planning to expand a business, or even to start a new one, this program can help turn your plans into a reality.

Program Goals

• Increased employment opportunities for low and moderate income residents
• Expansion of Dover's business community.
• Improved appearance of commercial/industrial properties

Eligible Applicants

• Sole proprietorships.
• Partnerships
• Corporations
• Expansion of existing businesses
• Start-ups
• Relocations

Allowable Projects

• Acquisitions of land and buildings
• Construction and rehabilitation
• Modernization of processes
• Acquisition of equipment and machinery
• Leasehold improvements
• Job training
• Working capital

Loan Criteria

• Interest: Fixed at time of commitment usually not to exceed 75% of prime
• Loan Amount: Up to$50,000, not to exceed 25% of project costs. Exceptions for substantial benefit
• Term: Flexible, up to 25 years. Tailored to economic life of financed assets
• Collateral: Secured position usually secondary to first lien holder. Local lending considerations will determine form and substance of security requirements.
• Benefit: At least 51% of jobs created or retained must be filled by low or moderate income residents
• Financing Availability: Other financing must not be available for total project

Click here to download brochure.