Areawide Development Corporation (ADC)
Areawide Development Corporation (ADC) is an affiliate to ETDD that was formed in 1981 to promote economic development through administration of business loan programs.
ADC administers the following programs:
- SBA 504 Loan Program
- EDA Revolving Loan Fund
SBA 504 Loan Program:
Funding for:
- Acquisition, construction, or renovation of commercial real estate
- Purchase of machinery / equipment
Eligibility:
- Owner-occupied, for-profit businesses
- Tangible net-worth of $15 million or less
- Average net-income after Federal income taxes for preceding two completed fiscal years of $5 million or less
Available Terms:
- 10, 20, or 25 year
- Fixed rate for life of loan
Financing Structure:
- 50% private lender first mortgage
- 10 – 20% borrower injection
- Balance funded through the SBA 504 Program
EDA Revolving Loan Fund:
Funding for:
- Purchase, construction, or renovation of buildings for commercial or industrial use
- Acquisition of machinery / equipment
- Business start-ups
- Working capital loans
Eligibility:
- For-profit businesses in eligible municipalities and counties in ETDD District
- Must provide for creation and/or retention of jobs in those areas
Available Terms:
- Up to 15 years
- Fixed rate for life of loan
Financing Structure:
- Up to 90% of project financing not exceeding $200,000