Recoverable Grants
Description -- an early stage financing tool provided by LISC, consisting of a low-interest or no-interest loan, typically repaid by construction financing
Eligible uses -- predevelopment expenses such as environmental testing, legal fees, survey, architectural drawings, options, and appraisals
Features --
- 2 year term
- Usually less than $50,000
- Usually 0% interest rate
- Unsecured
- Repaid through construction financing or other means
- Borrower must demonstrate repayment source in development budget