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By using the financial assistance and credit evaluation expertise of the lending institution, EGLE's P2 Loan Program aims to assist small businesses in funding eligible P2 projects with low-interest financing. How is the interest rate determined? EGLE charges 0% interest on its share of the loan allowing lending institutions to charge a competitive interest rate for their share of the loan, effectively blending the interest rate with EGLE's share so that the weighted average interest rate of the two loan portions does not exceed 5%.
The EGLE's maximum participation is $200,000 from the P2 Loan Fund. Project costs that exceed the program's $400,000 cap may be covered by separate financing from the lender. More detailed information is available in the Program Brochure for Lending Institutions.