Machinery and Equipment Loan Fund (MELF)
Low-interest loans to acquire and install new or used machinery and equipment or to upgrade existing machinery and equipment
Guidelines
Uses
Machinery and equipment acquisition and upgrading and related engineering and installation costs directly related to the business process.
Funding
Loans up to $5,000,000 or 50% of the total eligible project costs, whichever is less
Eligibility
Manufacturing, industrial, agricultural processors, direct mining operations, information technology , biotechnology and medical facilities. A medical facility may only use MELF funds for the acquisition and installation of equipment and technology necessary to comply with FDA requirements regarding pharmaceutical management.
Terms
Up to 10 year term, depending upon the useful life of the machinery being financed; $25,000 cost per job retained or created; Project must be directly related to the business process. The interest rate for the loan will be fixed at the time of approval of the loan and remain fixed for the duration of the repayment term. Interest rates are subject to change based on market conditions. Contact DCED for the current interest rate.