Use of Loan Funds

Acceptable Uses

A loan for starting a business can be used for:

  • Business Purchases including:
    • Equipment (FF and E)
    • Fixtures
    • Furniture
  • Business occupation commercial buildings or spaces:
    • Renovation
    • Upfitting
    • Rehabilitation
  • Buying property for use as commercial space for the owner
  • Costs related to business start-up or expansion
  • Improving energy conservation

Unacceptable Uses

A loan cannot be used for:

  • Facilities used for:
    • Cultural events
    • Exhibitions
    • Spectator events
  • Funding for a non-profit organization
  • Facilities such as:
    • Hospitals
    • Nursing homes
    • Other health care facilities
  • Government facility:
    • Construction
    • Purchases
    • Rehabilitation
  • Housing:
    • Construction
    • Purchases
    • Rehabilitation
  • Purchasing equipment for personal use
  • Real estate investment
  • Schools and educational facilities