Whether you’re just starting a small business or expanding to take advantage of new opportunities, your business may be able to take advantage of financing options available through county and national government.
- SBA 504 Loan Program: provides viable small and medium size businesses with long-term fixed rate financing for the acquisition or construction of fixed assets.
- SBA 7(a) Loan Program: a repayment to banks making loans under this program. This allows the lender to recover a portion of what it lent from the SBA if the borrower can't make the payments. The borrower is still obligated for the full amount. The reduced risk permits lenders to give small business owners access to the same kinds of reasonably priced, long-term financing available to large businesses.
The Novi Economic Development team is happy to direct you to resources that may be able to assist you in your financing options.