Lapeer Development Corporation

The Capital Access Program (CAP) is one of the Michigan Economic Development Corporation's (MEDC) innovative programs available to assist businesses with capital needs. It uses small amounts of public resources to generate private bank financing, providing small Michigan businesses access to bank financing that might not otherwise be available.

Direct Bank-Business Transaction

Loans under CAP are private transactions between bank and borrower.
MEDC plays no role in the bank's decision to make the loan or in setting its terms.
The bank assumes the risk of the loan.

The fund offers small businesses financing of up to $100,000 for fixed asset financing or working capital purposes in cooperation with the banking community. The interest rate offered for this type of loan is lesser of New York Prime, or 6% with terms from 36 months to 10 years.

Loans are available for facade improvements in the City of Imlay City Downtown and Commercial Areas. Loans are available for up to $40,000 at 4% for up to 10 years. 

The fund offers small businesses financing of up to $100,000 for fixed asset financing or working capital purposes in cooperation with the banking community. The interest rate offered for this type of loan is 2% below New York Prime, adjusted quarterly, with variable terms from 12 months to 15 years.