***PROGRAM IS CURRENTLY CAPPED AT $400,000***
Eligible Enterprise Types:
Manufacturing Enterprises · Industrial Enterprises · Agricultural Processors · Healthcare Enterprises
Eligible M&E Costs: M&E costs may include but are not limited to the refurbishment of existing equipment and the acquisition, delivery and installation of new equipment.
Loan Amount: 50% of the eligible total project costs up to $5,000,000.
Eligible Match: A loan made from the MELF Fund must be matched by other eligible M&E costs.
Term: Up to 10-yrs. (straight amortization) and the term cannot exceed the useful life of the equipment being financed.
Collateral: A loan made from the MELF Fund must be secured by no less than a second lien on the project equipment.
Jobs: $35,000 per job retained / $50,000 per job created.
*Add. Info: The MELF Fund is utilized for M&E projects where the loan amount is greater than $400,000 or the eligible operating entity has more than 100 full-time employees worldwide.