The Enterprise Loan Fund is designed to support both retention and expansion of existing business as well as creation of new business opportunities within the geographical boundaries of Henry County. Loans are targeted to industrial and commercial business organizations where the potential for job creation and retention is determined to be most feasible.
The New Castle-Henry County Economic Development Corporation (NCHCEDC) Enterprise Loan Fund will focus on the creation of new business start-ups, business retention/expansion and capital formation.
The NCHCEDC Enterprise Loan Fund (ELF) offers three basic loan types:
Venture capital– Funding can be provided for the gap financing necessary for new business start-up.
Fixed Asset– Funding can be provided to expand and/or retain existing operations within the county. The expansion must create or retain an impactful level of employment opportunities affected by the expansion being financed.
Working capital– Working capital loans for businesses that need short term assistance to complete an expansion program. Loans will be collateralized with assets appropriate to the loan type and the activities the loan will fund.
The NCHCEDC ELF will provide only the minimum “gap” financing needed to assist the local financial institutions in completing a financing package. In this way, the ELF will complement local lending resources.