Local Development Corporation Loans

• All nonprofit local and regional development corporations (LDCs and RDCs).

• Purchase of land for industrial parks;
• Industrial park planning and development;
• Construction or improvement of speculative buildings;
• Small business incubator facilities.

• Loan terms vary depending on the purpose of the loan;
  
  • See current VEDA rates
• Statute requires that VEDA obtain a first mortgage on the land, leasehold or building, and appurtenances financed;
• Industrial park loans cannot exceed 80% of the appraised fair market property value.
• In certain circumstances, a fixed interest rate may be available for large loans.  Talk to your VEDA Loan Officer.

• Loans up to $250,000 may be approved internally by VEDA Staff;
• Loans exceeding $250,000 are presented to the VEDA Board for monthly consideration;
• Applicants are advised to discuss their proposed project with VEDA Staff prior to submitting the application;
• Applications may be downloaded or obtained from the VEDA office.