Business in Our Sites Grants/Loans (BOS)
Empowers communities to attract growing and expanding businesses by helping them build an inventory of ready sites.
All site development activities that are required to make a site shovel-ready. This program is for speculative projects only. Funds cannot be used for projects that are primarily residential or recreational. Sites must be previously utilized property or undeveloped property that is planned and zoned for development.
No maximum or minimum loan amount. However, the amount of the grant may not exceed $4,000,000 or 40% of the total combined grant and loan award, whichever is less. Private developers are only eligible for loans.
Loans will be repaid over a period not to exceed 20 years. The interest rate for the loan will be 2% or 3% depending on the unemployment rate of the county where the project is located when the CFA is in a first lien position. If the CFA is in a subordinate lien position, the interest rate will be 8% or 9% based on the unemployment rate of the county where the project is located.
Loans will be patient – no repayment until property is sold or leased or 5 years from the date of closing, whichever comes first.
Purpose of Funding
- Site Development and Business
- Land & Building
- Municipal authorities
- Redevelopment authorities
- Industrial development agencies
- Private developers