The Aurora Capital Loan Fund provides small business loans for up to $50,000 for rehabilitation and/or new construction of commercial real estate in the City of Elkhart. Additionally, Aurora Capital can provide funds to facilitate the expansion of existing businesses, including the purchase of inventory and new equipment.
Eligible uses include:
- Rehabilitation and/or new construction of commercial real estate
- Address business expansion needs Purchase of new equipment
- Purchase of new equipment
- The interest rate on a 1st position real estate loan is Prime plus 1%
- The interest rate on a 2nd position loan or loan with no real estate collateral is Prime plus 2%
- Five-year balloon with a 10-year amortization schedule for loans of $25,000 or less
- Five-year balloon with a 15-year amortization schedule for loans of $25,001 to $50,000
- A fee of 1% will be charged on the borrowed amount.
- The loan-to-value ratio for all loans is not to exceed 90%
Rate information current as of February 2021