New Markets Tax Credit Loan Program

Park Midway Bank's New Market Tax Credit Loan Program has just become available and is designed to encourage investment in economically distressed communities throughout the Twin Cities. The program gives commercial borrowers, including not-for-profits, located within eligible areas access to subsidized low interest rates and favorable loan terms. This program is in partnership with the U.S. Department of Treasury.

The loan funds can be used to fund the purchase or the improvement of real estate ranging in size from $250,000 to $2,000,000. A low interest rate and interest only payments for seven years, up to 85% financing and 18 ½% principal forgiveness after seven years are a few of the benefits. For more detail contact Mike Derus at 651-523-7850.