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DVREDF offers financing to a broad range of organizations and projects. Find out if your organization is eligible and take the next step towards partnering with DVREDF by filling out our pre-application.

Financing

DVREDF provides a variety of financing tools for projects related to promoting and enhancing job growth and community development. These may include: acquisition loans; pre-development and construction (rehabilitation, leasehold improvements, new construction) loans; permanent financing; equipment purchase; working capital; and bridge loans against grants and government contracts.

LOANS

Loans of up to $500,000 are available at flexible terms generally ranging up to 10 years. Opportunities to extend the term are available at any time, at which time the rate may be reset. Loans may be amortized over a longer term with a balloon payment. However, a balloon payment shall not exceed a maximum of 50% of the original loan amount. Interest rate and terms are all determined based on the project, need, financial capacity of the organization and risk. Collateral acceptable to the lender is usually required for all loans. Loan fees will be determined relative to the type and size of the loan prior to the loan commitment.

GRANTS

Grants are awarded to organizations for projects related to promoting and enhancing job growth, and community development. Grants can stand alone or cover costs associated with pre-development and planning; collecting and analyzing market data; project feasibility, business planning and fundraising feasibility. Grants generally do not exceed $50,000.

Grant/Loan packages are sometimes considered to provide borrowers with capital and financing to support pre-development activities. Grant amounts are determined during project analysis phase. “Recoverable Grants” can be used to provide funds for feasibility studies, and/or other predevelopment costs before long-term funding sources have been secured. Such funds will be repaid when permanent or construction financing is secured, but repayment may be forgiven if the project does not go through due to forces beyond the recipients’ control. These grants are generally capped at $50,000 and are interest free. Matching funds may be required.