Manufacturing and Processing Capital
Smaller manufacturing and processing facilities make a major contribution to job and economic climate. Because of the importance of these facilities, WEDFA is always anxious to help them build and expand. Many businesses may not even know they have access to this type of financing. The basic requirements include:
- Manufacturing or processing facility — If your project will change physical material into something different and more valuable, it probably constitutes a "manufacturing or processing" facility.
- Small to moderate size — If your company plans to spend less than $20 million in total capital costs in the county where the project is located at the time of the bond issue, it is likely to meet this requirement.
- $10 million limit on tax-exempt bond size — The total project amount that can be financed on a tax-exempt basis is capped at $10 million. Taxable bonds are available to finance amounts in excess of this limit.
- Project must finance capital costs — WEDFA finances capital growth. If you need help with payroll or rent, there are better resources.
- Ability to obtain commercial financing — Your company will be the source of payment and security on borrowed money. WEDFA does not add its own resources or security. At some point prior to a loan or bond closing, the project and related security will likely need to pass muster with those investing their money.
If you are planning to make or have recently made capital expansions or improvements, and your company may meet these requirements, WEDFA financing may be right for you. Apply here.