Charter One Job Creation Loan Program

What is it? The State of Michigan and Charter One Bank have partnered to help businesses access affordable financing to invest in equipment, machinery, building acquisition or remodeling. The purpose of this program is to grow Michigan's economy.

Who's eligible? Public or private businesses in a variety of industries. The business may be currently located in Michigan or considering investment in Michigan.

How much is available? A minimum of $1 million; maximum of $10 million. Loans may not exceed 75% of project cost. Loans may not exceed 75% of project cost and building acquisition/remodeling loans are limited to 75% of appraised value.

What are the terms for agreement? A minimum of one full-time job must be created for every $40,000 borrowed within three years.

The rate of the loan is 4.99% APR, fixed for 12 months. Any loan booked in the first year of the program will carry a 4.99% fixed rate for the life of the loan. After 12 months the offering rate for the program may be reset, and would be available for any loan booked in the second year of the program. All loans subject to credit approval on terms and conditions acceptable to lender. Standard legal fees paid by applicant.

Click here for more information on this program.