Incentives

Machinery and Equipment Loan Fund (MELF)

Supplies low-interest loans to acquire and install new or used machinery and equipment or to upgrade existing machinery and equipment. 

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.  

Uses: Machinery and equipment acquisition and upgrading and related engineering and installation costs directly related to the business process.
Amounts: Loans up to $5,000,000 or 50% of the total eligible project costs, whichever is less
Terms: Interest rates 4.75% ; 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 manufacturing process.

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