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Community Reinvestment Loan



To make available short-term loans at a below-market interest rate as an incentive to business/property owners who will invest in commercial and industrial development within or contiguous to the boundaries of the Seneca Regional Port District.


Participating Lenders

The Port District will participate with any bank, savings & loan credit union or other financial institution in making Program Loans.  Participating lenders shall have primary responsibility to determining the applicant’s credit risk and acceptable collateral.

Leverage Requirement

Program Loans will be made on a matching basis.  For every $1 borrowed from a participating lender, the Port District may loan up to $1.

Interest Rates & Terms

A Fixed-Rate of 2% will be charged on the Port District portion of the Program Loan.  A participating lender may charge at an annual interest rate of not more than the nationally accepted prime rate on either a fixed or variable basis.  The term of the Program Loans will be determined by the participating lender as it deems appropriate.  However, the Port District’s participation shall not go beyond 5 years or exceed the term granted by the participating lender, unless approved by both the Port District and the participating lender.

Collateral Requirement

The participating lender shall have the senior lien on any collateral required.  The Port District shall have identical collateral, subordinated only to the participating lender.  In addition, a personal guaranty will be required.

Loan Disbursements

All loan disbursements and payments shall be made by the Seneca Port Operating Company.

Loan Call Provisions

Failure to abide by the Program Guidelines can result in calling of the Program Loan by the Port District.  Also the Program Loan may be called due and payable in the event of:  1) the transfer of substantially all the Borrower’s assets to any third party; 2) bankruptcy or insolvency of the Borrower; 3) cessation of the conduct of active trade or business in the Port District by the Borrower or their tenant for any reason, including, but not limited to, fire or other casualty.



Eligible Borrowers

Business/Property Owners who are located in or contiguous to the boundaries of the Seneca Regional Port District.

  1. An applicant must have the ability to repay the loan and be an acceptable credit risk as determined by the Port District.  The Port District reserves the right to have any application reviewed by one or more independent third parties.  Further, the Port district reserves the right to reject any application for any reason, including, but not limited to, a negative recommendation from an independent third-party reviewer.
  2. An applicant’s property must conform to use under the applicable zoning ordinance.
  3. Upon completion of all construction activities, the applicant’s property must comply with all applicable code, permit, and license requirements of the Port District.
  4. Applicant must make adequate progress toward loan closing as determined by the Port District.  Failure to do so can result in revocation of loan authorization by the Port District.
Use of Proceeds

The Program Loan Proceeds can only be used for commercial and industrial development within or contiguous to the boundaries of the Seneca Regional Port District.

Activities Completed Prior to Loan Closing

All project activities completed prior to loan closing are ineligible for financing through the Program.  Also, any Lender financing which is disbursed prior to loan closing cannot be counted as leverage.



Project Fact Sheet describing in detail the nature and scope of the project.
Lender Commitment Letter (if Applicable)
  • Statement of Loan approval by an authorized Lender Officer or Committee
  • Specified Dollar Amount of Lender Loan
  • Specified Loan Term
  • Specified Interest Rate
  • Collateral or Security Requirements
  • Other Special Conditions of the Loan
Borrower Commitment Letter
  • Description of the Project
  • Total Project Cost
  • Name of Lender making Commitment
  • Statement that the Borrower can begin Project Implementation immediately upon Program Approval
Job Creation/Retention
  • Provide satisfactory evidence of number of jobs retained or created



Seneca Regional Port District

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