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Capital Access Program (CAP)
The Capital Access Program (CAP), operated by the Michigan Economic Development Corporation (MEDC), provides borrowers and lenders with a resource to enhance collateral position. The CAP is used in situations where the borrower demonstrates adequate cash flows but remains short on collateral value.
Enrolling in this program is as simple as paying a one-time fee when the loan is closed. The fee is then matched by the Michigan Strategic Fund and goes into an account designated for LOSB. This account serves as additional collateral for all of the loans in the program. As a result, using the CAP allows LOSB to provide loan opportunities to borrowers that may not otherwise qualify for financing.
LOSB considers the CAP as a resource for start-up businesses.CAP Program
- Capital Access Program (CAP) operated by the Michigan Economic Development Corporation (MEDC)
- State run program
- Encourages banks to do loans they may not have done otherwise
- Between the Borrower and the bank 3% of principal is paid as a one time fee, the Michigan Strategic Fund matches the 3%, the total dollar amount then goes into a pool of money that is bank specific. Upon default the bank has the ability to use this money to offset any loses.
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