Lending off the beaten path
The Progress Fund provides financing from $20,000 to $1 million to people who are starting, expanding or buying small businesses.
- Can be used to purchase property, restore and rehabilitate buildings, purchase inventory or equipment, buy the assets of an existing business, and for working capital.
- The interest rate is variable based on the risk of the project.
- Terms are typically five to fifteen years.
- An origination fee and various closing costs are charged.